November 28, 2011

Saudi Arabia to buy Ukrainian barley

A delegation of the Ministry of Agrarian Policy and Food of Ukraine is on a working visit to Saudi Arabia, and Ukraine has agreed to forward procurement by local grain traders of Ukrainian barley for next year harvest.

"Saudi Arabia companies are seriously considering such instrument. Forward funding will significantly support our farmers," Ukraine's agriculture minister Mykola Prysiazhniuk emphasised.

Saudi Arabia is the world's largest importer of barley, who annually buys 5-6 million tonnes of barley. According to its president, Leonid Kozachenko, Ukraine has provided up to 60% of these deliveries.

"If the ministry succeeds to agree on transparent terms of forwards, it will benefit both producers and importers," he said.