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Sunday, 15 May 2016

Egypt to import 80,000 tonnes of rice for Ramadan, tendering for soybean and sunflower oil

State-owned GASC is set to to import 80,000 tonnes of rice “immediately” before the start of Ramadan, the cabinet said in a statement on Friday, according to Reuters. “GASC will buy the 80,000 tonnes through direct contracts rather than tenders,” GASC Vice Chairman Mamdouh Abdel Fattah told Reuters on Friday, with the shipment due to arrive within a week to 10 days. GASC has cancelled three rice tenders due to low responses or prices being deemed too high, with stockpiling leading to a 50% increase in the price the government pays for rice and forcing a shortage. “Egypt banned rice exports on April 4 to preserve stocks for the local market and to combat the rising prices.” Meanwhile, the Holding Company for Food Industries has issued a tender to buy up to 25,000 tonnes of soybean oil and 10,000 tonnes of sunflower oil, according to Reuters’ Arabic service reported on Thursday. Traders said the company asked for delivery between 1-20 June, regardless of origin and production date.

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