The Egyptian Ambassador assessed the potential of the Northern Sea Route

Egypt expects that the Northern Sea Route and the Suez Canal will be able to complement each other rather than compete, Egyptian Ambassador to Russia Nazih Elnaggari told Izvestia, adding that Cairo is closely monitoring the development of the Arctic route.

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"The Northern Sea Route is a fairly new project. We are interested in following its development and exploring its potential. But I think we can make the Northern Sea Route and the Suez Canal complementary. We should not look at them in the context of competition. These routes can complement each other in the future," Egyptian Ambassador to Russia Nazih Elnaggari told Izvestia at the BRICS Women's Entrepreneurship Forum.

The diplomat also pointed out that Russian companies are showing interest in oil and gas projects in Egypt.

"We see that Russian companies are interested (in oil and gas exploration in the Mediterranean and the Nile Delta — Ed.). Hassan Al-Khatib, Minister of Investment and Foreign Trade, was recently in Moscow, and he met with a number of companies, including oil companies, that have shown interest in the Egyptian market," the head of the Egyptian diplomatic mission told Izvestia.

Read more in the exclusive Izvestia article:

Switch channel: Egypt is exploring the possibilities of the Northern Sea Route