Trading Corporation of Pakistan (TCP) has successfully completed urea import operation against $100 million credit facility provided by Saudi Fund for Development (SFD).
According to sources, last shipment from Saudi Arabia has reached Pakistan last week and with arrival of this consignment, the urea import under Saudi Arabia Basic Industries Corporation (SABIC) agreement has been completed.
A ship Mv “African Venture” carrying 27,163 tons urea has arrived at Gwadar Port on December 9, 2013 and is currently under discharging. The ship sailed from Al-Jubail port Saudi Arabia in the first week of December. In December last year, the Economic Co-ordination Committee of the Cabinet decided to import urea from Saudi Arabia as SFD had agreed to provide a credit facility of $100 million for import of urea. Accordingly, a commercial agreement was signed between TCP and SABIC in January this year for supply of urea against this facility.
First shipment under the credit facility was arrived in February this year and SABIC had assured to supply complete quantity by end-December 2013. Overall, SABIC has supplied some 267,500 tons of urea against $100 million credit facility as the urea prices were on the lower side in the world market during the current calendar year.