GASC secures record direct wheat deal for November-April delivery
Updated 10/3/2024 8:03:00 AM
Arab Finance: The General Authority for Supply Commodities (GASC) has secured one of its largest ever direct wheat deals, with shipments totaling 3.12 million tons, for delivery between November and April, according to sources cited by Reuters.
The companies involved in the deal have not been disclosed.
The deal involves the monthly shipments of approximately 510,000 tons of wheat sourced from Black Sea regions.
As one of the world’s biggest wheat importers, these purchases support Egypt’s heavily subsidized bread program, which is crucial for tens of millions of its citizens.
While GASC typically relies on international tenders for wheat procurement, recent years have seen a shift toward direct deals in order to obtain more competitive prices.
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