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  Wednesday, June 26, 2019
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Moscow and Lisbon are planning a 65 million euro project to build an ethylene production plant in southern Portugal
Moscow and Lisbon are planning a 65 million euro project to build an ethylene production plant in southern Portugal, a Kremlin source said Monday. Economic and industrial cooperation are among key issues on the agenda of the official visit to Moscow by Portuguese Prime Minister Jose Socrates, which begins Monday. "Total investment in the project [in the port of Sines] is to hit 65 million euros, and its products will be sold in Portugal and foreign markets," the source said. The countries are developing IT cooperation and considering tourism and cultural projects as well as building modern storage, office and industrial centers in and around Moscow, and hotels and yacht-clubs in southern Russia. According to Russian customs authorities, Russian-Portuguese commodity turnover grew 13% in 2006, to $1.4 billion, year-on-year. Russian exports accounted for $1.24 billion and imports for $144.8 million. "The economic objective of my visit is to increase the number of Russian companies in Portugal and that of Portuguese ones in Russia," Socrates said. He added that Portugal could become a firm foothold for Russia's economic advance to Latin American and African markets. Socrates will meet with President Vladimir Putin Tuesday, which is being seen as particularly significant in view of Portugal's assumption of the EU presidency in the second half of 2007, and a Russia-EU summit due to be held in Portugal in October. "Considering Lisbon's drive for the EU to enhance strategic cooperation with our country, we expect this period to be fruitful for the whole range of relations between Russia and the EU," the Kremlin source said.
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