The Commerce Ministry has authorised Trading Corporation of Pakistan (TCP) to float a tender for export of 20,000 bales cotton, TCP Chairman Masood Alam Rizvi told Business Recorder here on Tuesday. After attending the third meeting of the inter-ministerial committee, Rizvi said that TCP has so far made contracts for purchase of 360,000 bales cotton from Punjab and Sindh cotton growing districts and there was no limit on the quantity for buying.
He said that according to TCP estimates, production of cotton could go beyond 12 million bales and quality of phutti generally was very good year because of extremely favourable climatic conditions.
He said that the first ship with 15,000 tons urea would reach Karachi port by October 30 and the entire consignment of 170,000 tons imported urea would reach Pakistan by November 26, 2004, and would be available for the wheat crop in December and January.
Rizvi said that TCPs' operation of importing 926,000 tons wheat was going on smoothly and all vessels carrying wheat from Russia, Australia and USA were reaching Karachi port according to the given schedule.
He said this entire operation would be completed by December 10 after which TCP would place order for the import of remaining 70,000 tons wheat.
He expressed satisfaction that the government had decided to store 434,000,00 tons sugar which had stabilised the prices of the commodity.
He expressed fear that there might be a shortfall of about 400,000 tons sugar in the demand and production during 2004-05. He said that the sugar in the stores of TCP would be utilised next year and there would be no need of its import.