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FINANCIAL NEWS
GSFMO seeks to purchase 660,000 tons of wheat
25 Aug 2013
(MENAFN) Saudi Grain Silos and Flour Mills Organization (GSFMO) floated a tender for the purchase of 660,000 tons of hard wheat, Arab News reported.
The GSFMO requires the wheat to be in shipments of 330,000 tons each, one to the port of Jeddah and one to the port of Dammam. Each 330,000 tons is to be divided into six separate shipments of 55,000 tons delivered between November 1 and December 30.
GSFMO bought local wheat at the cost of USD209.6 million last year. Around 2.1 million tons of wheat were imported from Saudi Arabia in 2012.
This year, an estimate of 2.5 million tons of wheat will imported from the Kingdom. Around 600,000 tons of local wheat will be purchased by the GSFMO to meet needs locally and strengthen reserves.
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