SCZONE showcases investment opportunities to eight Japanese companies    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    Egypt's PM meets Tokyo governor, witnesses signing of education agreements    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Egypt's Sisi, France's Macron discuss Gaza ceasefire efforts in phone call    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Indian tourist arrivals to Egypt jump 18.8% in H1-2025: ministry data    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Russia wheat competitive despite minor delays: Egypt
Published in Daily News Egypt on 20 - 10 - 2011

SHARM EL-SHEIKH: Egypt's main state wheat buyer said on Thursday he was not facing any financing issues despite political turmoil and said Russian wheat was still competitive although some shipments had been delayed.
"I don't have a financing problem, as the state until now guarantees the financing for basic goods to the country so I don't feel I have any problems at all," the vice-president of General Authority for Supply Commodities (GASC), Nomani Nomani, said, speaking on the sidelines of a conference in Sharm El-Sheikh.
Egypt has been struggling with a ballooning budget deficit since a popular uprising toppled president Hosni Mubarak in February.
The world's largest wheat exporter spends heavily on its food subsidy program paying 33 billion Egyptian pounds ($5.53 billion) in the fiscal year which ended in June, for subsidized commodities including wheat, sugar, oils and rice.
Delays in Russian wheat
GASC heavily depends on Russia for the majority of its wheat imports.
Since the start of the 2011/12 fiscal year on July 1, GASC has purchased 2.34 million tons of Russian wheat, 180,000 tons of Romanian wheat and 120,000 tons of Kazakh wheat, according to data collected by Reuters.
Nomani said he had faced minor delays with some Russian wheat shipments but that he was compensated for those delays by the suppliers. He said that Russian wheat remained competitive despite the congestion in the Russian port of Novorossiisk.
"The difference in price between Russian origin and French, which is the second one in price, is a big difference. It is nearly $18 a ton (less) based on prices of the last tender," he said.
Since ending a grain export ban on July 1, Russian wheat has dominated international purchase tenders with huge sales made to countries such as Egypt, Jordan and also Iraq.
Traders have said this has led to a shortage of railway wagons to transport wheat to ports and caused delays of up to three weeks.
Russia's grain export ban had been imposed last year after a catastrophic draught. The country is considering imposing a duty on wheat exports in the current season if exports are too high, the government said on Oct. 11.
"Export tariffs affect the offers that we get," Nomani said and asked that export tariffs not to be imposed.


Clic here to read the story from its source.