Punjab to receive wheat as ship has berthed at Karachi

KARACHI: Following the directives of the federal government, the Trading Corporation of Pakistan (TCP) has decided to supply the entire quantity of third imported wheat consignment to Punjab.

The TCP's third vessel MV INDIGO GARLAND carrying 57,000 metric tons of imported wheat berthed at KPT Saturday. According to the TCP, as per allocation intimated by the Ministry of National Food Security, the entire cargo of this vessel will be handed over to the Food Department, Government of Punjab directly from the port. Earlier, two shipments of imported wheat by the state-run grain trader have already arrived in Pakistan to fill the demand and supply gap in the country. With the arrival of the third vessel, so far arrived has reached 167,125 metric tons.

Following the directives of the Economic Coordination Committee (ECC) of the cabinet, the TCP is importing the commodity to ensure the uninterrupted supply of wheat grains and arrest the soaring prices of wheat flour. The state run grain trader was given the task of 1.5 million tons wheat import in August and so far it has finalized contracts for one million metric tons wheat import.

So far, the TCP has finalized deals for the import of some one million tons commodity for domestic consumption. The last deal for 340,000 metric tons wheat was matured at $ 284 per metric tons on Friday. The successful bidders of this tender are required to supply the entire quantity of wheat by January next year.

The first deal for the import of wheat by the state run grain trader was finalized at $233.85 per metric tons for the supply of 330,000 metric tons. The TCP's first wheat import tender was opened on August 19, 2020 and some nine (9) bidders submitted bids ranging $ 233.85 per metric ton to $296.60 per metric ton and finally a contract for the import of some 330,000 metric tons wheat was signed with two suppliers namely M/s Swiss Singapore and M/s Agrocorp at $233.85 per metric ton.

The second contract for the import of 330,000 metric tons of wheat was matured on October 7, 2020at $278.50 metric ton with three bidders namely, M/s Aston, M/s Grain Export and M/s CHS. The federal government has also allowed duty free import of some 1.5 million metric tons by the private sector, which has booked over 22 consignments of some 1.35 million metric tons wheat. Under the private sector import some 0.6 million metric tons have already arrived in the country.

Copyright Business Recorder, 2020