News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexCryptocurrenciesCybersecurityPress Releases

Egypt contracts to buy 180,000 tonnes of wheat from India - supply minister

06/26/2022 | 02:42pm EDT
FILE PHOTO: A worker at a herbal store buys flour in Cairo

(Corrects paragraph three to state that 70 million have subsidy)

By Sarah El Safty

CAIRO (Reuters) -Egypt has contracted to buy 180,000 tonnes of wheat from India, Supply Minister Aly Moselhy said on Sunday, less than previously agreed, a deal that is part of the country's efforts to diversify its wheat supplies.

Egypt, one of the world's biggest wheat importers, is looking for alternatives to Black Sea grain exports which face disruptions caused by Russia's invasion of Ukraine.

Russia and Ukraine have been Egypt's main wheat suppliers.

The Ukraine crisis has also raised import costs for Egypt, which heavily subsidises bread for more than 70 million of its 103 million population.

Moselhy had said in May that Egypt had agreed to buy 500,000 tonnes of wheat from India but that a contract had not been signed.

India banned wheat exports in May because of lower domestic production, but made allowances for countries like Egypt with food security needs.

"Based on what the supplier said, the condition was that the wheat has to be at the ports, then it would be available," Moselhy said on Sunday.

"We had agreed on 500,000 tonnes, turns out [the supplier]has 180,000 tonnes in the port," he said.

Moselhy added that Egypt was also in talks with Russian suppliers for a wheat purchase agreement.

Egypt is also looking at ways to extract more flour from its grain, Moselhy said, by raising the extraction percentage for flour used for subsidised bread to 87.5% from 82%.

It plans to save around 500,000 tonnes of imported wheat, and to import 5-5.5 million tonnes of wheat for the 2022/23 fiscal year, he added.

Current wheat reserves are sufficient for 5.7 months after the procurement of 3.9 million tonnes in the local harvest, Moselhy said on Sunday.

(Reporting by Sarah El Safty, Writing by Nayera Abdallah; Editing by Toby Chopra, Emelia Sithole-Matarise and Jane Merriman)

© Reuters 2022
Latest news "Economy & Forex"
07:06aLatvia designates Russia a "state sponsor of terrorism" over Ukraine war
07:01aTreeHouse Foods to sell part of its meal prep business for $950 million
06:57aBritain looks into funding biomass carbon capture and storage
06:57aBlinken, Kagame discuss U.N. report that Rwanda supports rebel group
06:57aFullerton India Home Finance accepts bids on subordinated bonds - traders
06:56aIEA cuts Nigeria's sustainable oil output capacity
06:46aGerman bond yields higher as Fed officials downplay softer CPI
06:44aGERMAN CHANCELLOR SCHOLZ : Challenge brought by russia's war in u…
06:42aCongo's copper and cobalt output surges in Q1
06:40aIndian shares hit four-month high; inflation data eyed
Latest news "Economy & Forex"