Reply #19: Libya buys 50,000 T Russian wheat - trade [View All]

[pinboy3niner]

Thu Sep 1, 2011 3:42pm GMT


• Grain purchases by Libya set to pick up

• Uncertainty over security at Libyan ports


By Aleksandras Budrys and Jonathan Saul


MOSCOW/LONDON, Sept 1 (Reuters) - Libya has bought 50,000 tonnes of Russian wheat, a grain tracking firm said on Thursday, indicating commercial deals are picking up after months of war and that Moscow may not suffer from not supporting the fight to oust leader Muammar Gaddafi.


International trading house Glencore , which the grain tracker said had been involved in arranging transport, denied any knowledge of the shipments.


Trade and shipping sources told Reuters this week Libya was aiming to import 500,000 tonnes of wheat and 400,000 tonnes of flour in the next two to three months, although western sanctions on Gaddafi and worries over port security will hinder the pace of shipments.


"The Libyans need a lot of grain and Russia is providing the market with lots very cheaply. People expect Russian wheat and flour to be sold into Libya in large volumes as it is much cheaper than other origins," said a European trader.


"Grain is an anonymous product and because it is not so visible the Russians are not likely to suffer from their support of the old Gaddafi government. I think the Russians will sell more in coming days and weeks."

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http://af.reuters.com/article/libyaNews/idAFL5E7K11R220110901?sp=true