Following the directive of the federal government the Trading Corporation of Pakistan has completed procurement of 378,000 tons of sugar at Rs 46,250 per ton from local sugar mills, enabling the mills to make payments to sugarcane growers. Sources told Business Recorder on Friday that the government has spent over Rs 17 billion for the procurement of 378,000 tons of sugar from 47 domestic sugar mills.
Although TCP''s third sugar purchase tender was for 200,000 tons, the Economic Co-ordination Com-mittee (ECC) of the Cabinet decided to purchased all quantity offered by the millers in response of TCP''s price matching formula. They said that the deal for procurement of sugar has been completed and with finalisation of this deal cumulatively government will pay Rs 17.48 billion to the sugar mills.
Some 19 mills from Sindh, 23 from Punjab and five mills from Khyber Pakhtunkhwa have successfully offloaded their stocks with TCP. Sugar mills have sold their carryover stocks as well as fresh stocks (2011-2012 production) of the commodity. "Some 197,500 tons of sugar has been purchased from last year''s production and 180,500 ton of commodity has been procured from fresh stocks", sources said. Procured sugar will be supplied to the Utility Stores Corporation (USC).
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