PARIS: Iran’s state grains agency GTC has discreetly snapped up around 1 million tons of milling wheat in the past 2 weeks mostly from the European Union, traders said, showing increased ability to import food despite financial sanctions.
Iran has in the past exported wheat but Western sanctions coincided with a bad harvest, forcing the country to quietly enter global markets and make substantial wheat purchases to feed its large population.
While sanctions don’t target food shipments, they make it difficult for importers to obtain letters of credit or conduct international transfers of funds through banks.
“They are buying bigger volumes than what was expected, they have big needs...,” one trader said, adding European origin was currently the most attractive.
Iranian wheat imports are usually handled by the private sector but the state has had to step in and help with purchasing since the disruption to trade financing.
Origins of the grain bought for shipment in October, November and December also included Russian and Australian grain.
“In the most recent buys in the last two weeks they have been taking almost anything that is available,” another trader said. “They have been buying EU, Black Sea including Russian, Australian and other origins,” he added.
No details were given on price and payment terms, but to get around sanctions Iran has used non-dollar denominated currencies including the euro and Japanese yen.
One trade source suggested desperation to feed livestock was one of the reasons for the huge volumes of wheat normally reserved for human consumption.
“They don’t have enough feed for animals, which means they are using milling wheat instead,” he said, adding Iran had also purchased maize and barley as part of its latest purchase wave.
The state Government Trading Corporation (GTC) has taken to a method of contacting traders directly for offers rather than issuing purchasing tenders, making it difficult to glean details.
“The purchases are big,” a European trader said.
“Their talks about the barter deals with India and Pakistan are never ending and maybe they are keeping their stocks high.”
On Aug. 9 Pakistan agreed a price for 1 million tons of wheat it is ready to export to Iran in a barter for Iranian fertilizer and iron ore. India has said it is ready to export up to 3 million tons of wheat to Iran and is continuing talks.
“Origins bought in the last couple of weeks will have much better quality than India and Pakistan anyway,” he added.
Iran snaps up wheat stocks
Iran snaps up wheat stocks
No Saudi acquisition offers: FC Barcelona tells Al-Eqtisadiah
CAIRO: FC Barcelona has not received any offers, whether from Saudi Arabia or elsewhere, to acquire the club, according to an official source who spoke to Al-Eqtisadiah.
According to the source, the circulating news regarding the possibility of finalizing a deal to acquire the club in the coming period is a mere rumor.
Recent Spanish reports had indicated the possibility of a Saudi acquisition of Barcelona shares for around €10 billion ($11.7 billion), a move considered capable of saving the club from its financial crises if it were to happen, especially as it suffers from debts estimated at around €2.5 billion.
Sale not in management’s hands
Joan Gaspart, the former president of the club, confirmed that the current board of directors, chaired by Joan Laporta, does not have the right to dispose of the club’s ownership.
He added: “FC Barcelona is owned by about 150,000 members, and selling the club is something the owners will not accept. FC Barcelona possesses something no other club in the world has; money is very important, and so is passion, but the sentiment of the members today is to continue what the club has been for 125 years.”
High market value
Despite the financial crisis the club has been going through in recent years, FC Barcelona ranks sixth on the list of the world’s highest market value clubs, with an estimated value of €1.12 billion, according to Transfermarkt. Meanwhile, its rival Real Madrid tops the list with a market value of €1.38 billion.
