TCP inks deal to import 200,000mt urea

KARACHI: Trading Corporation of Pakistan (TCP) here Wednesday signed a commercial agreement for supply of 200,000 MT Urea with Saudi Arabia Basic Industries Corporation (SABIC).

According to an official press release, the agreement covers supply of approximately 200,000 MT Urea to Pakistan under the US$100 million credit facility provided by the Saudi Fund for Development (SFD).

The agreement between the Government of Pakistan/Economic Affairs Division and Saudi Fund for Development (SFD) was signed earlier at Islamabad on December 29, 2011.

Urea shipments under the contract will start arriving Pakistan within this month.

This will be in addition to 700,000 MT already imported for Rabi Crop 2011-12, as well as 300,000 MT for which an international tender was floated by TCP on December 28, 2011, constituting a total of 1.2 million MT for Rabi 2011-12.

The urgent procurement reflects government's keenness to ensure timely and widespread availability of Urea to growers in the country.

M/s Jaffer Brothers (Pvt) Ltd, who are SABIC's agents for Pakistan signed the agreement for supply of Urea with TCP. (APP)