The Trading Corporation of Pakistan on Wednesday finalised deal for import of 75,000 tons refined sugar at $638 per ton. In all, six parties submitted bids, with lowest price of $638.10 per ton and highest $671.40. The TCP accepted the bid of Al-Khaleej, a Dubai based exporter, who offered the lowest price for supply of refined sugar from Dubai.
TCP awarded the tender at a price of 638 dollars per ton, about 144 dollars higher than a previous tender which was at 494 dollars per ton for the supply of 50,000 tons sugar. This is the second tender for sugar awarded to Al-Khleej. The previous tender was for import of 50,000 tons sugar at $494.40 per ton. Imported sugar with all expenses would cost Rs 63-65 per kg, which would be supplied to the Utility Stores Corporation at Rs 38 per kg.
TCP officials said that the current tender for 75,000 tons sugar has been awarded after approval of Economic Co-ordination Committee (ECC), as quoted price was much higher than the previous tenders. "We had informed ECC before award of the tender to Al-Khaleej. It was lowest bid but higher than the last tenders, and ECC in its meeting on September 1 allowed TCP to award tender to the lowest bidder," said a TCP official.
He said that TCP price evaluation committee, after getting approval from Islamabad, awarded this tender to Al-Khaleej on Wednesday. The Letter of Credit (LC) for the import of sugar would be opened soon and within 21 days of LC exporter would be bound to deliver the commodity, he said, and added that probably Al-Khaleej would start supply in the last week of September or first week of October this year after opening of LC.