Alvean Sugar, the world’s leading sugar trader, has signed a long-term raw sugar sale contract with Al Khaleej Sugar, the owner and operator of the world’s largest sugar refinery in Dubai.
Al Khaleej has had a long-term relationship with one of Alvean’s shareholders, Copersucar, for nearly two decades in which the former purchased more than 20 million tonnes of raw sugar worth around US $6 billion from Copersucar.
“The relationship, now lying with Alvean, has been further strengthened with the entry of this new long-term raw sugar procurement contract,” said Jamal Al Ghurair, managing director of Al Khaleej Sugar.
Alvean, the world’s largest sugar trader, is a joint venture formed by US agricultural group Cargill and Brazil’s Copersucar in 2014.
Al Khaleej and Copersucar also co-operated in developing and introducing high polarisation raw sugar.
“The relationship, now lying with Alvean, has been further strengthened with the entry of this long-term raw sugar procurement contract. We are delighted to have concluded the business and look forward to working with Alvean,” added Al Ghurair.
Gareth Griffiths, CEO of Alvean, said, “We are pleased to have entered this long-term supply contract, building on the close relationship we, and our shareholder Copersucar, have developed with Al Khaleej over nearly two decades.”
Griffiths said, “With our high-quality sugar supply and operational excellence, we are uniquely placed to serve the demands of Al Khaleej. But this is also more than just a sugar contract. It is an unprecedented demonstration of commitment and trust in the sugar market, which we believe will facilitate other opportunities and synergies for our two companies in the future.”