Saudi Arabia to buy 10% of annual wheat from Saudi firms abroad -SAGO
%%description%% Saudi Arabia's SAGO will buy 10 percent of its annual wheat needs from Saudi-controlled companies based abroad, the state
Saudi Arabia's SAGO will buy 10 percent of its annual wheat needs from Saudi-controlled companies based abroad, the state grain buyer said on Saturday.
Saudi investors must own at least 51% of such companies and should be able to produce 5,000 tonnes of wheat in the same country to be eligible, it said.
Interested firmsmust be registered at the kingdom's ministry of environment, water and agricultureand SAGO will issue the tenders, with prices to be in line with theinternational markets.
Sago said this month it would relax its insect-damage specifications for wheat imports from its next tender onwards, opening the door to Black Sea imports and strengthening ties with Russia.
Last month, it alsostarted the next phase of the sale of its flour mills, which will seepre-qualified bidders perform due diligence and present financial offers.