Trading Corporation of Pakistan (TCP) to conduct third urea tender for the import of 0.1 million ton on Monday. Following the directives of the federal government, the state run grain trader has already finalised two deals for the import of 0.2 million tons. As per planned approved by the Economic Co-ordination Committee (ECC), TCP will import 0.5 million tons of urea for Rabi season to avoid any shortage.

Overall TCP had issued five tenders for the import of 0.5 million tons of urea, out of which two were opened on November 8 and November 11 respectively and successfully awarded to the lowest bidders. First deal for the import was finalised with M/s CHS Europe Switzerland at $344.73 per ton, while second tender for the same quantity was awarded to M/s Keytrade at $352.80 per ton.

The third urea import tender will be opened on November 18, 2013 to finalise another deal for the import of 0.1 million tons. Previous, two tenders have received thin participation due to volatility in the world market, where prices are on higher side due to rising demand from different countries, including Pakistan, India and Bangladesh. Presently, India is one of the largest urea importers and planned to import some million tons of urea for domestic consumption.

Copyright Business Recorder, 2013