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.