Al Khaleej has purchased over $20 million tonnes of raw sugar worth $6 billion from Copersucar, an Alvean shareholder
Alvean Sugar, the world’s largest sugar trader, has signed a long-term raw sugar sale contract with the UAE’s Al Khaleej Sugar.
Al Khaleej Sugar, the owner and operator of the world’s largest sugar refinery, has a long-standing relationship for over two decades with one of Alvean’s shareholders, Brazil’s Copersucar, with Al Khaleej purchasing over 20 million tonnes of raw sugar worth around $6 billion during a 20-year business relationship.
“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.
Additionally, Copersucar and Al Khaleej have co-operated in the development and introduction of high polarisation raw sugar.
“With our high-quality sugar supply and operational excellence, we are uniquely placed to serve the demands of Al Khaleej,” said Alvean CEO Gareth Griffiths.
"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.”
Headquartered in Bilbao, Spain, Alvean was formed as a joint venture between US agricultural group Cargill and Copersucar in 2014.