Egypt concluded an agreement to import wheat for six months
4.10.2024 - 13:19
Egypt’s GASC has entered into one of its largest contracts for monthly wheat supplies from November to April.
Wheat of Black Sea origin will be delivered in batches of 510,000 tons, Reuters writes.
The agreement will be executed by an Egyptian joint venture and a major global supplier on a monthly basis. At the same time, the names of the companies are not disclosed “due to the sensitivity of the issue.”
The price is planned to be agreed on the basis of market prices every month.
It should be noted that the joint venture has already agreed to supply GASC with 430,000 tons of grain for shipment in October.
Some traders are skeptical about whether the deal will go through. It will probably also depend on whether the company can meet the October delivery.
It will be recalled that in September, Egypt announced the largest wheat procurement tender in the country’s history. This decision was made by the country’s president against the backdrop of food safety concerns.
