Russia's Soyuz named Egypt wheat supplier
Cairo, June 8, 2012
Soyuz Commodities, which has links to Moscow's state grain exporter, has won recognition as an official supplier to the world's largest wheat importer Egypt, positioning the year-old firm to become a major player in grains markets.
Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), said on Thursday it had officially registered Switzerland-based Soyuz, the grain-trading arm of Russian investment group Summa Capital. Just one month ago, Summa bought a stake in Russia's state trader United Grain Company (UGC).
"To expand supplier sources and increase competitiveness and offers, GASC seeks to increase the number of wheat-supplying firms registered with it, and as such has added Soyuz Commodities," Nomani Nomani, vice chairman of GASC, told Reuters.
Nomani said a second firm, Switzerland-based Solaris, had also registered as a wheat supplier for GASC. Solaris also trades grains from Russia, which competes with rivals including the US, Australia, France and Black Sea region producers to supply the huge Egyptian market.-Reuters