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Savola Eyeing Sudan, Egypt after Turkey Pullout - ASHARQ AL-AWSAT English Archive
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JEDDAH, Saudi Arabia (Reuters) – Saudi sugar refiner Savola Group is looking at opportunities in Egypt and Sudan after pulling out of bids for six sugar mills put up for sale by Turkey, its chief executive said on Sunday.

On Saturday, the Middle East’s largest sugar refiner said it would not bid for the mills being sold by the Turkish government, as previously planned.

“We have other options. We have options in Sudan, we have options in Egypt,” Sami Baroum told Al-Arabiya television station. He did not elaborate.

He said Savola decided against bidding in Turkey as the projects were no longer profitable due to the country’s sugar pricing policy. He said the Saudi firm remained interested in the market.

Savola has a total sugar refining capacity of 2 million tonnes per year, placing it ahead of the United Arab Emirates-based al-Khaleej Sugar Co, its closest regional rival, which has capacity of around 1.1 million.

Savola Foods is the world’s largest manufacturer of branded cooking oil. In 2007, Savola bought Turkish edible oils firm Yudum Food from National Bank of Kuwait’s investment banking unit for 200 million riyals.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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