ISLAMABAD: Pakistan has given approval for the purchase of some 300,000 tonnes of wheat in an international purchase tender, a government agency said in a statement on Wednesday.
The government’s powerful Economic Coordination Committee (ECC) has approved the purchase of the 300,000 tonnes at the price of $404.86 a tonne c&f which was the lowest offer in the tender from the state Trading Corporation of Pakistan (TCP) on Monday.
The offer was made by trading house Viterra originally for 120,000 tonnes, the ECC statement said.
The TCP must still make a formal award in the purchase, traders added.
Traders said on Tuesday Viterra is expected to be awarded 240,000 tonnes and trading house Aston 60,000 tonnes, while Pakistan has also issued an additional tender to buy 200,000 tonnes of wheat.
A large drought-driven wheat import requirement and the impact of higher fertiliser prices has compelled Pakistan to buy in a global market with tight supplies after Black Sea exports were disrupted by Russia’s invasion of Ukraine.
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