GASC has struck a lucrative deal with Green Suppliers to supply Russian oil at a price below market.

Within the competition held on July 18, the Egyptian organization GASC concluded a deal to purchase 20 thousand tons of vegetable oil from the Russian company Green Suppliers. According to the terms of the deal, the price was set at 1013.99 US dollars per ton, including the cost of delivery to the destination point with delivery scheduled from September 1 to September 15. This information is reported by Asap Agri.

Experts note that the contract price is $56.01 US dollars lower than the initial offer from Green Suppliers, as well as $40.01 US dollars lower than the cheapest initial offer for Russian oil. In addition, the price is $59.91 US dollars lower than what GASC paid for sunflower oil in the previous tender held on June 13.

Sergey Repetsky, a partner at Sunstone Brokers, comments: "The Egyptian tender showed that there is a sufficient amount of Russian oil on the market. This is an expected result considering the volumes of last year's harvest. Due to the low activity of Indian buyers, they presented quite attractive initial offers and showed flexibility in negotiations to sell their goods."

As a reminder, Oleoscope informs that on July 18, GASC also concluded a deal to purchase 48 tons of vegetable oil. Seven companies took part in the competition, and the delivery cost of sunflower oil ranged from $1054 to $1163 US dollars per ton.

Earlier in June, Egypt held a tender in which GASC concluded a deal to purchase 5.5 thousand tons of sunflower oil at a price of $1073.9 US dollars per ton with payment upon delivery.