CAIRO: No more browsing from site to site, view the top business news stories on August 27 here:
Egypt to purchase 180K tons of Russian wheat
The Ministry of Supply has signed a contract to purchase 180,000 tons of Russian wheat as part of an international tender to be used in providing subsidized bread for citizens, according to Youm7.
The deal is part of the new financial year budget.
All imported wheat is inspected by international technical firms to ensure it meet Egyptian standard specifications and valid for human use.
GAFI, Tourism Min. organizes 1st Egypt-Japanese investment conference
The General Authority for Investment and Free Zones (GAFI) announced cooperation with Tourism Ministry to organize the first Egyptian-Japanese investment conference in Egypt in 2017.
At the meantime, the two-day Tokyo International Conference on African Development (Ticad) is taking place in Japan, and the GAFI announced opening its wing there.
Egypt, World Bank delegation discuss gas supply to 20 governorates
International Cooperation Minister Sahar Nasr and a World Bank delegation have discussed the latest developments on a project to deliver gas to 20 governorates, Youm7 reported.
The project receives a fund worth $500-million, a grant worth 68 million Euros from the European Union and a fund worth 70 million Euros from the French Development Agency (AFD.)
USD exchange rate ‘stable,’ reaches 8.88 EGP
The USD exchange rate has been stable against the Egyptian Pound, where it reached Saturday 8.88 EGP for sale and 8.83 for purchase.
Egypt’s GASC draws offers from seven suppliers at wheat tender – REUTERS
(Reuters): Egypt’s state grain buyer, the General Authority for Supply Commodities (GASC), received offers from seven suppliers in a wheat tender on Friday.
The tender was the first since the resignation of Egypt’s minister of supply, Khaled Hanafi, on Thursday following an investigation into whether millions of dollars intended for subsidizing farmers were used to purchase domestic wheat that only existed on paper.
Egypt’s supply ministry, which oversees GASC, is in charge of the country’s massive food subsidy program.
Trade minister Tarek Kabil has been put in charge until a new minister is appointed.
The lowest offer presented on Friday was $177.70 a tonne free-on-board (FOB), for two cargoes each of 60,000 tonnes of Russian wheat, the traders said.
Results for the tender, seeking shipment from Sept. 26 to Oct. 5, were due later on Friday.
An eighth supplier, Venus, was disqualified at the technical stage for not having the correct documents and was prevented from submitting an offer, traders said.
GASC failed to make a purchase in its previous tender on Tuesday, giving no reason for a cancellation that surprised traders after hours of negotiations with four suppliers.
Traders on Friday said the following offers were made in dollars per tonne FOB:
*Union: two cargoes each of 60,000 tonnes of Russian wheat at $177.70
*Nidera: 55,000 tonnes of Russian wheat at $179.70 a tonne
*Alegrow: 60,000 tonnes of Russian wheat at $180.88
*Ameropa: two cargoes each of 60,000 tonnes of Romanian wheat at $180.11
*Daewoo: 60,000 tonnes of Russian wheat at $178.60
*Louis Dreyfus: 60,000 tonnes of Ukraine wheat at $179.94
*ADM: 60,000 tonnes of Romanian wheat at $208.89
Traders also said they estimated the lowest cost and freight prices (C&F) in dollars per tonne as follows:
*Union: 2 cargoes of Russian wheat each of 60,000 tonnes at $177.70 FOB and $7.89 freight equating to $185.59 C&F
*Daewoo: 60,000 tonnes of Russian wheat at $178.60 FOB and $7.89 freight equating to $186.49 C&F
*Nidera: 55,000 tonnes of Russian wheat at $179.70 FOB and $7 freight equating to $186.70 C&F
*Ameropa: 2 cargoes each of 60,000 tonnes of Romanian wheat at $180.11 FOB and $7 freight equating to $187.11 C&F
*Louis Dreyfus: 60,000 tonnes of Ukraine wheat at $179.94 FOB and $8.25 freight equating to $188.19 C&F