LAHORE: Pakistan Agricultural Storage and Services Corporation (PASSCO) on Monday exchanged the draft documents for import of 200,000 metric tons of wheat with the Russian Federation approval of which, will soon pave way for signing of Memorandum of Understanding (MoU) between the two governments.

Sources in the Corporation told Business Recorder that they had sent a document today to the Russian Federation asking for import of best Russian milling wheat at a suitable price. Sources said that the documents contains many other conditions and once approved by the Ministry Concerned of Russian Federation and Pakistan's Ministry of Food Security & Research (MNFS&R), will then be converted in to MoU for inking by both the side and ultimately to import of wheat.

When asked about the advertisement given by the Corporation for transportation of imported wheat, they said that out of 500,000 metric tons of imported wheat by the Trading Corporation of Pakistan (TCP), PASSCO will be responsible for transportation of 200,000 metric tons to the required places in the country. Sources further said that LCs for import of 330,000 metric tons has already been opened by the TCP and bids for test of 170,000 metric tons will be opened in a day or two. They claimed that the private sector too had made purchases of 1.2 million tons of wheat.

Economic Coordination Committee's (ECC) decision to have a government to government deal with the Russian Federation for import of wheat, MNFS&R assigned the Corporation to import this wheat on Monday; the sources said and added that they had contacted the companies identified in the process for further development.

Copyright Business Recorder, 2020