A Malaysian company is currently in talks with Egypt to establish a two-stage palm oil production project with investments totalling $30 million, the Middle East News Agency (MENA) cited the Egyptian Commercial Service’s (ECS) Head, Yahya Elwathik Bellah.

Under the first stage, a storage facility for Malaysian palm oil packaging will be established with investments of $10 million. This facility will be an export hub to African and neighbouring countries.

The official added that the second stage includes the construction of a Malaysian oil refinery plant with investments worth $20 million in the Suez Canal Economic Zone (SCZONE).

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