Egypt's state-owned Food Industries Holding Company (FIHC) has bought 12,000 tonnes of sunflower oil in a tender, traders said on Wednesday.

The oil was purchased from ADM at $829 a tonne, cost and freight, the traders said, for arrival Oct. 25 to Nov. 15.

Traders had told Reuters ADM was the only firm to make an offer, adding that a delay in the payment of letters of credit had discouraged traders from participating in the tender.

One Cairo-based trader told Reuters with only one offer presented, FIHC would have had to either cancel the tender or buy from ADM through a direct purchase agreement.

In May, Egypt shifted responsibility for its vegetable oil imports from the state-run General Authority for Supply Commodities (GASC) to the FIHC, but some traders complained out delayed payments for purchases.

"With so many changes in government and in the purchasing system it is hard to say what the rules are now about continuing tenders with only one offer," one European trader said.

"I think Egypt needs the oil and they want to show that a lack of participation will not stop the tenders going forward."