Trading Corporation of Pakistan (TCP) has awarded supply contracts to two international firms for import of 60,000 metric tons of urea to meet domestic demand for "Rabi season". Chairman TCP Syed Masood Alam Rizvi said here on Thursday the corporation had awarded the first contract to the local agent of M/s ICC Ageueda of Portugal for 30,000 MT of urea on Wednesday on the basis of quoting lowest price at dollars 199 per ton among 12 bidders.
The second contract was awarded for 30,000 MT of urea to M/s Futures Products Group Istanbul on Thursday after the party agreed to match the lowest bid, he said and added that firm had earlier quoted a price of dollars 257 per ton.
He pointed out TCP had also given chance to other bidders to match the lowest price but only one firm agreed to do so. Rizvi said both those firms had been given five days to furnish a performance guarantee and thereafter they would be required to ensure shipment within 13 days of the opening of letter of credit (L/C).
He hoped the contracted urea would reach Pakistan in the last week of December this year or early January next year.
It may be noted TCP had floated a tender on November 13 for the import of 90,000 MT of urea from international sources to meet domestic demand for "Rabi season".
Earlier, TCP had awarded a contract for the supply of 170,000 MT of urea at a price of dollars 287 and dollars 297 per ton against its tender floated on September 30.
TCP chairman pointed out the entire contracted urea against first tender had reached Port Qasim and its supply to local fertiliser companies was in progress.
He expressed satisfaction over the arrival of imported urea well in time and said growers would get sufficient urea for their cultivation needs.
Masood Alam Rizvi said imported urea would be sold to growers at Rs 430 per 50 kilograms bag.