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Coronavirus
VERY HIGH
Pakistan Deaths
15,982
11024hr
Pakistan Cases
745,182
536424hr
Sindh
270,963
Punjab
261,173
Balochistan
20,662
Islamabad
68,665
KPK
103,419

KARACHI: Trading Corporation of Pakistan's (TCP) sugar import tender received only a single bid for supply of 50,000 metric tons sugar due to uncertain commodity prices in the international market. The state-run grain trader is importing sugar on the directives of the federal government to fill the supply and demand gap in the local market.

On October 9, TCP invited sealed bids from the international sugar suppliers and manufacturers for supply of 50,000 metric tons (5 percent more or less) white sugar (bagged cargo) through their local representatives. The tender was opened on Tuesday (October 20) and only one bidder participated in the TCP's sugar import tender, reportedly, uncertainty in sugar prices on the international front.

According to tender details, Alkhaleej offered to supply some 50,000 metric tons of sugar at $504 per metric ton. The TCP will take a decision on this tender after consultation with the federal government.

So far the TCP has signed contracts for the import of some 100,000 metric ton of sugar. The first sugar consignment of 26,000 metric tons imported by the TCP is likely to reach Pakistan next Monday.

Overall, the federal government has planned to import some 0.3 million tons of sugar for domestic consumption as the prices of the essential commodity was soaring due to some shortage.

The federal government has allocated a quota of some 0.2 million tons to the private sector, which has finalized deals for the import of some 180,000 metric tons. Out of this quantity, some 26,700 metric ton sugar was arrived in September and some 54,000 metric ton in October. The remaining quantity of sugar, imported by the private sector, is likely to reach Pakistan by the end of this month.

According to the TCP, the import of white sugar will be governed by the imports and exports Act 1950, provisions of the Trade Policy in force, PPRA Rules 2004 and accordance with the specification laid down by Pakistan Standard Quality Control (PSQCA).

As per tender terms and conditions, the federal government has to finalize the deal in three days as the offer will be valid up to 72 hours from the opening of the bids.

Successful bidder will be required to furnish a performance guarantee equal to five (5) percent of the CFR value of the contracted goods within four working days from the award of contract aimed for due and satisfactory performance of the contract.

The TCP will forfeit the performance guarantee if the supplier failed to supply the commodity within specified period or commits any breach of contract or failed to fulfill any terms or conditions of the contract.

Copyright Business Recorder, 2020