Egypt Changes Food Oil Import System, Payments DelayedSource: www.export-egypt.com 8/6/2014, Location: Africa |
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Under the old system, FIHC and another commodity purchasing enterprise, Meditrade, would announce import tenders on behalf of GASC which would ultimately issue letters of credit to suppliers.
When any of the state tenders are awarded, the firm selling the commodity asks for a letter of credit from one of Egypt's state-owned banks, which is then confirmed with its own bank. As of July, the only body responsible for issuing letters of credit and import tenders for vegetable oils is FIHC. Traders said that at least one shipment of vegetable oil agreed to by a previous Meditrade tender had arrived at an Egyptian port only to discover its letter of credit would not be issued by GASC but by FIHC. "The ship delayed offloading because of this as there was a lack of clarity as to which body would be responsible for issuing letters of credit," one Cairo-based trader told Reuters. Two other shipments were also experiencing delays in receiving their letters of credit, according to the same trader, although the oil has not arrived at Egyptian ports yet. "There is a great deal of uncertainty in the Egyptian vegetable oils sector," a European trader said. |
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