|08 May, 2019

Egypt's GASC buys 30,000 T sunflower oil, 18,500 T soyoil

GASC sought at least 30,000 tonnes of soyoil and 10,000 tonnes of sunflower oil for July or August arrival.

CAIRO/DUBAI- Egypt's state commodities purchasing agency GASC purchased 30,000 tonnes of sunflower oil and 18,500 tonnes of soyoil in an international tender which closed on Wednesday, GASC said.

GASC had sought at least 30,000 tonnes of soyoil and 10,000 tonnes of sunflower oil, for arrival between July 15-30 (arrival position 1) and/or Aug. 1-15 (arrival position 2).

Part of the purchase was made with payment delayed for 180 days, a process called giving facilities for 180 days.

Traders gave this breakdown of the purchase in dollars per tonne cost and freight (c&f) unless otherwise stated with the trading company making the sale:

- Alex Co. for Seeds: 10,500 tonnes soyoil at 11,539 Egyptian pounds a tonne equivalent to around $672.63 a tonne for arrival position 1.

- Watanya/Cargill 8,000 tonnes soyoil at 11,539 Egyptian pounds a tonne equivalent to around $672.63 a tonne for arrival position 1.

- Glencore 30,000 tonnes sunflower oil at $706.00 a tonne (with facilities for 180 days) for arrival position 2.

The soyoil will be supplied from local Egyptian production, traders said.

Offers in the tender had been submitted earlier on Wednesday. 

(Reporting by Maha El Dahan, Nadine Awadalla and Michael Hogan, editing by Louise Heavens) ((michael.j.hogan@thomsonreuters.com; +49 172 671 36 54; Reuters Messaging: michael.hogan.thomsonreuters.com@reuters.net))

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