Owner of Prometey comments on issue with unloading Ukrainian wheat in Egyptian ports

Prometey has confirmed to Latifundist.com that it supplied wheat to Egypt under state contracts with Mostakbal Misr — the new operator of Egypt’s state grain purchases that replaced GASC in late 2024.

“Egypt is a challenging market. Prometey works closely with Mostakbal Misr — they are our strategic partner. I’m confident they will handle this situation properly. It’s a new company, and they simply need some time. Any new business faces difficulties, and they are managing them with dignity,” said Rafael Goroyan, owner of Prometey.

According to Goroyan, six vessels have already been unloaded in Egypt, two more are still pending, and the total value of grain yet to be paid for is estimated at around $30 million.

“The letter of credit is a complex financial instrument. If a company has no experience in discounting, it’s better not to get involved. But I wouldn’t call this a problem — it’s part of the normal workflow. There’s no business without risk,” he said, commenting on the payment delays.

The company also noted that it is trying to avoid additional demurrage costs and acknowledged that the Egyptian market remains a difficult one for traders:

“Such challenges are not new. Egypt is not a market you can enter easily. Prometey has been operating there for a long time, so we understand the specifics and risks. Mostakbal Misr is no exception,” Goroyan added.

Context. Earlier, Latifundist.com reported that around 200,000 tons of Ukrainian wheat remain unpaid and anchored off Egyptian ports due to delays in opening letters of credit for Mostakbal Misr, the state buyer. According to market participants, some vessels have been stuck in ports for over a month, with delays linked to bank changes and technical difficulties in the new payment system.