The Trading Corporation of Pakistan (TCP) has signed a commercial agreement with Saudi Arabia Basic Industries Corporation (SABIC) for supply of around 200,000 tons of urea to Pakistan under a $100 million credit facility provided by the Saudi Fund for Development.
Jaffer Brothers (Private) Limited, which is SABIC’s agent for Pakistan, signed the agreement on its behalf here on Wednesday.
Earlier, the Economic Affairs Division and the Saudi Fund for Development had inked an accord for the $100 million credit facility.
Under the contract, urea shipments will start arriving this month. These will be in addition to 700,000 tons imported for Rabi crop season 2011-12 as well as 300,000 tons for which the TCP floated an international tender on December 28, 2011.
Published in The Express Tribune, January 5th, 2012.
More in BusinessNew agriculture project on the cards