Egypt’s GASC buys 240,000 tonnes Russian, Romanian Wheat

Egypt’s state-owned General Authority for Supply Commodities (GASC) has bought 240.000 tonnes of Romanian and Russian wheat for shipment August 11-21, at total cost of $440 million.

According to the Egyptian Minister of Supply Khaled Hanafy, tge tender is the first to sign as pursuant to the country’s budget for the fiscal year 2014/2015.

Of the total, GASC bought 180.000 tonnes of Romanian wheat and 60.000 tonnes of Russian wheat at average price of $262.81 a tonne, the minister added.

Hence, Egypt’s strategic stocks of domestic and imported wheat are sufficient to last for six months, the minister told Amwal Al Ghad on Wednesday.

Egypt is the world’s largest wheat importer, which usually purchases around 10 million tons of wheat per year from international markets and uses a mixture of domestic and imported wheat for its subsidised bread program.