Egypt's GASC agrees to large direct wheat deal, sources say
Adds details
DUBAI, Oct 2 (Reuters) -Egypt's state grains buyer has agreed one of its largest ever direct wheat deals for monthly supplies from November to April, two sources with direct knowledge of the matter told Reuters.
The wheat will be shipped to the General Authority for Supply Commodities (GASC) with around 510,000 metric tons to be supplied every month sourced from Black Sea origins, and totalling up to 3.12 million tons over the period, one of the sources said.
Egypt is one of the world's biggest wheat importers and uses the purchases to make heavily subsidised bread, a politically sensitive benefit available to tens of millions of people. The state buyer usually buys the strategic commodity through transparent international tenders that move the global grains market.
It has opted to buy wheat privately through direct deals in recent years to garner more competitive prices, with this newest deal marking its largest ever agreement.
The deal is set to be supplied by a joint venture between an Egyptian entity and a major global supplier on a monthly basis, the source said without disclosing the names of the companies due to the sensitivity of the matter.
"This is a strategic partnership that hopefully will lead to this JV to supply the country and GASC all year round," the same source said.
This joint venture had already agreed to supply GASC with 430,000 metric tons for October shipment, Reuters reported last month.
GASC had tried to secure a similar quantity through its largest ever tender in August, which waspersonallyordered by Egyptian President Abdel Fattah al-Sisi as a result of food security concerns sparked by an intelligence briefing.
GASC did not respond to request for comment.
Reporting by Sarah El Safty; Editing by Kirsten Donovan and Toby Chopra
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