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Thursday, 6 July 2017

GASC to purchase soybean oil locally for the first time

The General Authority for Supply Commodities (GASC) will be buying 20k tonnes of soybean oil from a local manufacturer for the first time this August, Ahram Gate reports. A tonne will cost GASC around EGP 281 mn — a price much lower than what international firms offered, according to Supply Ministry adviser Mohamed Seweid. Egypt reportedly also purchased 410k tonnes of wheat from Russia and Romania, “shunning US supplies” whose prices have risen as much as 52% as a result of widespread drought in the High Plains, Bloomberg reports.

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