GASC Buys 1.1 Tonnes of Wheat with EGP1.8bn in 3 Months

Big 5

Egypt’s state-run General Authority for Supply Commodities (GASC) has contracted to buy 1.1 million tonnes of wheat within 3 months since the earlier of the current fiscal year 2014/2015 till now with EGP1.8 billion total cost.

These quantities have bought through 5 bids as GASC contracted to purchase 240.000 tonnes of Romanian and Russian wheat as the supply started from the last of August11 and till 10 days coming.

This is the first bid of the current FY14/15 which signed in last July2 including 180.000 tons Romanian wheat and 60.000 Russian tonnes with US$262.

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 tonnes.

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

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.