Gold prices edge higher on Aug. 20th    Egyptian pound opens flat on Wednesday    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt expresses 'deep dissatisfaction' to Netherlands over embassy attack    Global pressure mounts as Gaza fighting intensifies and death toll surges    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    At TICAD, Egypt's education minister signs pacts with Casio, SAPIX    Madbouly invites Japanese firms to establish industrial zone in SCZONE    Cairo, Tokyo sign LOI to expand educational cooperation, support for persons with disabilities    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Al-Sisi meets Qatar PM, Bahrain security adviser to discuss Gaza crisis, regional stability    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    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.



Egypt considers international rice tenders
Published in Daily News Egypt on 08 - 12 - 2011

CAIRO: Egypt's main government grain buyer said on Thursday it would issue international tenders to buy rice if local producers continue stocking up on the commodity.
"We are issuing a tender next week to buy both local and imported rice that is already in the country through private importers," Nomani Nomani, Vice Chairman of the General Authority for Supply Commodities (GASC), told Reuters.
If local traders continue to store their rice to push up prices, "international tenders will be the next step because if I import directly I can get better prices," he said.
The Arab world's most populous nation spends around $5.5 billion each year on food subsidies, a burden it can ill afford as the economy falters and foreign reserves tumble after the uprising that ousted president Hosni Mubarak in February.
Foreign reserves have plunged from $36 billion at the end of 2010 to about $20 billion at the end of November.
Several Asian countries had already expressed interest in selling the commodity direct to Egypt's government.
"There is interest from Thailand and several other southeast Asian origins such as the Philippines and Vietnam that have also said they want to export their rice to Egypt," Nomani said.
A meeting with Thailand's ambassador to Egypt has already taken place, he added.
Egypt, once a major medium-grain rice exporter, has had an export ban in place since March 2008 to head off shortages on the local market.
In 2007, Egypt exported 1.25 million tons of rice and provided around 35 percent of the medium-grain rice sold on the world market that year. Others, such as Russia, have grabbed Egypt's share since.
The government started procuring rice directly from local farmers in October in order to build reserves. The move was intended to smooth out the exaggerated prices that were offered during tenders for local rice.
"Despite that, the traders are stocking up on the rice and making the amount on offer in the market shrink," Nomani said.
Egypt needs 1.1 million tons of rice a year for its subsidy program, around a third of its total consumption of 3.34 million tons.
Farmers cultivated 1.7 million feddans (714,000 hectares) of white rice in the current season, placing production at around 4 million tons.
The repeated extension of the rice export ban has meant traders are prevented from selling the country's niche medium-grain rice at higher prices abroad.
"They are stocking up on the rice as they want to get a higher price for it. If they are not going to export then they want the price that is equivalent to what they would get if they were exporting," Nomani said.
Nomani said if he was presented with suitable prices and a quantity of around 250,000 tons in the coming tender, he will not issue an international tender.
"If I find the prices and quantities are not good then I will start importing directly, exactly like wheat," he said.


Clic here to read the story from its source.