Back to the complete issue
Monday, 20 December 2021

Wheat could get pricier as Russia mulls higher export tariffs

Brace yourself for pricier wheat as Russia mulls raising export tariffs on the grain: Russia, the world’s largest wheat exporter, is considering imposing higher export tariffs if wheat prices reach USD 375 / ton, with a bigger hike proposed if prices reach USD 400 / ton, according to a government proposal that would see Moscow revise the formula used to determine the tariff. Prices are still trading at lower than the threshold above which the tariff would be raised, with wheat from Black Sea ports trading at USD 335 / ton as of last week, according to Bloomberg. Egypt, the world’s biggest wheat importer and previously Russia’s biggest buyer, has been forced to diversify its wheat purchases as it faced steeper import bills this season with wheat prices surging to their highest in years.

Anchorage Investments has appointed New York-based Duff & Phelps as financial advisor on their USD 2.5 bn petrochemical complex in the Suez Canal Economic Zone, according to a press release (pdf).

Other things we’re keeping an eye on this morning:

  • Egyptian e-commerce website builder zVendo has launched zVendo Food, a new service tailored to the F&B sector that allows vendors to create web stores and mobile apps, according to a press release (pdf).
  • Elsewedy Electric subsidiary Rowad Modern Engineering was awarded (pdf) a EGP 996 mn contract to construct the Mivida Office Park for Emaar Misr, and another 602 mn contract to construct the New Giza Hospital for New Giza (pdf).

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2021 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; and Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Abu Auf (tax ID: 584-628-846), the leading health foodmaker in Egypt and the region.