Iran buys Thai rice

Sun, 16 May 1999 | Source: DPA

Iran buys Thai rice

BANGKOK (DPA): Iran has agreed to buy 300,000 tons of Thai rice after winning a soft loan from Thailand's Export-Import Bank (EXIM) for the purchase, a news report said Saturday.

Under the agreement, signed Friday by Thai Commerce Minister Supachai Panitchpakdi and Iran Trade Organization President M. Ansari, EXIM will extend a two-year soft loan for the 3 billion baht (US$81 million) to Teheran for the rice purchase, said the Bangkok Post.

Supachai said the price was quoted at $258 per ton of 100 percent B grade rice.

Thailand's rice exports, which proved a major foreign exchange earner in 1998, are expected to decline this year due to lack of demand on the world market.

Supachai will lead a delegation soon to Indonesia, which has expressed interest in buying 200,000 tons of Thai rice, said the Bangkok Post.

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