sharon sanders
Editor-in-Chief & President
Sunday, May 25, 2008
<center>Ukraine welcomes Egyptian initiative of wheat in exchange for natural gas</center>
"The wheat for natural gas initiative launched by International Cooperation Minister Fayza Abul Naga during her recent visit to Capital Kiev has been accepted and welcomed by the Ukrainian side," Egypt's Ambassador to Ukraine Youssef Zada said.
The timing of the initiative was perfect in order to meet the two countries' needs of strategic and important commodities, he said.
The initiative is for the good of both countries' interests, he added.
Zada said Ukraine is of strategic importance to Egypt as it is a major economic power possesses an overall industrial base and implements a comprehensive economic reform.
He referred to the positive results achieved by the Egyptian diplomacy in strengthening cooperation with Ukraine through exchanged visits by senior Egyptian and Ukrainian officials.
Ukraine's importance to Egypt is represented in many fields including the domains of industry, agro-mechanism and joint industrialization, he said.
Zada referred to the positive results of Naga's visit and agreements reached during the fifth session of the Egyptian-Ukrainian committee concluded Friday.
Agriculture Minister Amin Abaza and Trade and Industry Minister Rasheed Mohamed Rasheed will visit Ukraine to continue efforts exerted by Minister Abul Naga to open new vistas for agricultural, industrial and trade cooperation between the two countries, he said.
Under the Egyptian initiative Egypt can receive its wheat requirements from Ukraine in return for supplying Ukraine with natural gas.
Since Egypt has a huge natural gas reserves and Ukraine needs sustainable energy sources, Egypt can supply Ukraine with natural gas in return for wheat, Abul Naga has said.
http://www.sis.gov.eg/En/EgyptOnline/Economy/000009/0202000000000000008653.htm