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ISLAMABAD: The Economic Coordination Committee (ECC) has decided to import 33,000 metric tons of urea on CFR bulk basis against the tender of Swiss Singapore Overseas Enterprises at US$ 551 MT, and approved Rs8 billion TSG for the parliamentarians’ development schemes under SDGs.

The ECC meeting presided over by Finance Minister Ishaq Dar on Friday was presented a summary by the Ministry of Industries and Production for approval to award the 3rd international urea tender opened on 1st December 2022

The meeting was informed by the Ministry of Industries and Production while referring to the decision of the 17th November 2022 that 300-KMT urea would be imported, 125,000 MT on G2G basis from China at US$480 per MT and 35,000 MT from M/s SOCAR for the month of December-2022 at US$ 685 per MT.

The decision was ratified by the cabinet with the directive to the Ministry of Industries and Production Division and the TCP for exploring other cheaper options for December delivery, as an alternative to the G2G offer made by M/s SOCAR for the procurement of 35,000 metric tons at the rate of US$ 685 (CFR) within the next 24 hours, and if that cheaper option becomes available, the same shall be availed.

ECC allows TCP to import urea from China, Azerbaijan

Otherwise, the already available option by M/s SOCAR at the rate of US$ 685 (CFR) for procurement of 35,000 MT Urea on G2G basis, as already approved by the ECC, stands ratified. On the request of the ministry, the ECC after deliberation, approved the lowest bid from Swiss Singapore Overseas PTE Ltd at US$ 551/metric tons (MT) for 33,000 metric tons of urea on cost and freight (CFR) bulk basis.

The ECC was told that in compliance with the federal cabinet’s decision, the TCP published a tender for the import of urea, which was opened on 1st December 2022 and three bids were received – M/s Swiss Singapore Overseas Enterprises for 33 KMT at US$ 551/MT, M/s Pacific International Trading FZE for 40KMT at US$ 599/MT and M/s Keytrade AG for 25 KMT at US$ 605/MT. The bid evaluation committee of the TCP reported M/s Swiss Singapore Overseas PTE Ltd as the lowest responsive bid.

However, the ECC also approved Rs8 billion technical supplementary grant in favour of the Ministry of Housing and Works from the Public Sector Development Programme for the parliamentarian’s schemes under sustainable development goals. The funds would be used for the execution of development schemes under the SDGs achievement programme in Punjab and Sindh.

The ECC also approved the Ministry of Economic Affairs (EAD) proposal regarding G20 Debt Service Suspension Initiative (DSSI) relief and allowed the Ministry of EAD for signing of debt rescheduling agreement with Japan Bank for International Cooperation (JBIC) for debt suspension of Covid-related amount US$ 26.150 million.

The ECC also approved the following Technical Supplementary Grants: (i) Rs349.383 million in favour of the Ministry of Foreign Affairs incurred on the evacuation of Pakistanis from Ukraine due to the war between Ukraine and Russia, as well as, Rs8,109.772 million in favour of the Ministry of Energy (Power Division) for the execution of development schemes of Punjab, Sindh, Balochistan, and Khyber-Pakhtunkhwa under PSDP, and Rs8,000 million in the favour of Ministry of Housing and Works.

Those who participated in the meeting of the ECC were Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Industries and Production Syed Murtaza Mahmud, Shahid Khaqan Abbasi MNA/ex-PM, SAPM on Finance, SAPM on Revenue, federal secretaries, chairman SECP, and other senior officers, while Federal Minister for Commerce Syed Naveed Qamar, Coordinator to Prime Minister on Commerce and Industry Rana Ihsan Afzal, and the governor SBP joined the meeting through Zoom.

Copyright Business Recorder, 2022

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