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FINANCIAL NEWS
Saudi Najd Trading, Russia’s SAHO set up a wheat supply JV
15 Dec 2012
(MENAFN) Saudi investment firm Najd Trading and General Contracting and Russian grain producer SAHO announced a joint venture to ship Russian wheat and barley to the Middle East and North Africa, Reuters reported.
The partners said that the JV will provide a guaranteed sales channel for SAHO, which has 400,000 hectares of land in southern and central Russia as well as its home region of Novosibirsk.
Saudi Arabia, the largest foreign buyer of Russian barley, imported about 2.5 million tonnes of grain from Russia in the 2011/2012 crop year. Saudi Arabia consumes around 15 million tonnes of grain annually.
The joint venture will sell Russian wheat and barley produced by SAHO and other farmers.
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