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Wednesday, August 10, 2022

TCP receives eight bids for wheat import

KARACHI: The Trading Corporation of Pakistan (TCP) has received eight bids for the import of some 0.5 million tons of wheat for domestic consumption.

The TCP – a state-owned commercial organization – working under the Ministry of Commerce, on June 21, 2022 floated an international tender and invited sealed bids for supply of 500,000 metric tons wheat through worldwide sources on CFR Karachi basis (in bulk) for shipments between August, 2022 to 15th September, 2022.

Overall, the federal government has planned to import 3 million metric tons of wheat this year to avoid shortage in the domestic market as the country’s wheat crop production is less than demand.

This was the second wheat import tender as the first tender was opened in May for the import of 0.5 million tons of commodities. The second wheat import tender was opened on Friday at TCP head office and in response to the wheat import tender, some 8 (eight) international suppliers submitted bids ranging from $439.40 per metric ton to $485 per metric ton.

The received bids are much less than previous tender, in which some 7 bids were received ranging from $515.49 per metric ton to $537 per metric ton.

Lowest bid was submitted by M/s Cargill which agreed to supply 110,000 metric tons of wheat at a price of $439.40 per metric ton. Second lowest bid $439.69 per metric ton was submitted by M/s Vitterra for supply of 240,000 metric tons wheat. M/s Falcon Bridge offered to supply 110,000 metric tons wheat at $ 439.99 per metric ton and M/s Agrocorp quoted $447.83 per metric ton for supply of 110,000 metric tons.

In addition, M/s Bunge offered some 114,000 metric tons wheat at $ 454.50 per metric ton, M/s SSOE submitted bids for 100,000 metric tons at $ 459.50 per metric and M/s LDC quoted $ 462.44 per metric tons for supply of 100,000 metric tons. The highest bid was received from M/s Aston, which agreed to supply 120,000 metric tons of commodities at $ 485.00 per metric tons.

Currently, the TCP is in process of bid evaluation as the received offers will be valid for one hundred and four (104) hours from submission of bids. As per tender terms and conditions, the interested bidders were required to quote bids for a minimum quantity of 100,000 metric tons.

All bidders were required to accompany the bids by an original Bid Bond equivalent to two percent (2 percent) of the CFR value, in the form of a demand draft or pay order in US dollars or in the form of bank guarantee in US dollars.

As per tender, the interested parties who have previously not fulfilled their contractual obligations with TCP were not eligible to participate in the bids, unless they clear their dues along with penalties or fulfil their contractual obligations in services and commodities with TCP, as the case may be, before the tender opening date. Furthermore, those firms against which black listing procedures have been initiated by TCP were also not eligible to participate in the wheat tender.

Copyright Business Recorder, 2022

TCP receives eight bids for wheat import

Source: Brecorder

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