Browsing Tag

Urea

TCP completes urea import operation

January 13, 2015 - Rizwan Bhatti - BR Report - Trading Corporation of Pakistan (TCP) successfully completed 0.46 million tons urea import to avert shortage in the domestic market. Sources told us on Monday that cumulatively the country has spent $168 million on urea import during the last two months ensuring timely supply in the domestic market to facilitate the farmers. Pakistan is facing some shortage due to gas curtailment to the local urea producing plants. Last consignment of the…

60,500 tons of urea arrives at Karachi port

December 16, 2014 - Rizwan Bhatti - BR Report - To avoid urea shortage in the country, the first consignment of 60,500 tons of urea, imported by TCP, has arrived at Karachi port. Following the directives of the federal government last month, the state-run grain trader (TCP) signed four urea deals with different international suppliers for import of some 385,000 tons of the commodity. Under the agreements, urea arrival has started as a ship MV OCEAN MERRY carrying some 60,500 tons of…

Farmers flay ministers’ ‘black marketing’

November 13, 2014 MULTAN(nation): The Pakistan Kissan Ittehad on Wednesday accused various ministers and ginners of fleecing the cotton growers, hurling a threat to kick off a protest drive from Lahore on November 17 if the financial loss faced by the farmers were not compensated forthwith. Addressing a news conference here along with other office-bearers, PKI President Khalid Mehmood alleged that the government ministers are involved in the black-marketing and profiteering of the…

No urea import from Iran due to curbs on POL items: National Assembly panel informed

July 15, 2014 MUSHTAQ GHUMMAN National Assembly''s Standing Committee on Commerce was informed on Monday that Pakistan cannot import cheap urea from Iran because of restrictions on petroleum-related products but India is free to import Iranian urea. This was disclosed by Chairman Trading Corporation of Pakistan (TCP), Rizwan Ahmad during a presentation to the committee. Minister for Commerce, Engineer Khurram Dastgir also attended the meeting. The Chairman TCP maintained that urea…

Sufficient stocks available: SABIC suspends further urea supply to local market

July 10, 2014 - BR Report RIZWAN BHATTI On the request of the Trading Corporation of Pakistan (TCP), Saudi Basic Industries Corporation (SABIC) has suspended urea supply as sufficient stocks are available in the domestic market. Sources told Business Recorder on Wednesday that following the directives of the Ministry of Industries and Production (MoIP) the state-run grain trader had asked SABIC to postpone the urea shipments till the further demand. In March this year, a commercial…

Urea subsidy: MoF releases Rs six billion to TCP

June 10, 2014 RIZWAN BHATTI- BR Report - The Ministry of Finance (MoF) released Rs 6 billion of urea subsidy to the Trading Corporation of Pakistan (TCP). Sources told us on Monday that as the fiscal year 2013-14 (FY14) is ending this month, the ministry of finance is quickly disposing of the payment cases of different departments. The allocated funds in the budget 2014 will be lapsed if not utilised before June 30, 2014, they added. The state-run grain trader is continuously making…

May urea offtake up 22 percent MoM

June 07, 2014- BR Report Urea sales in May 2014 are likely to be at 313,000 tons compared to 257,000 tons in April 2014, up 22 percent month-on-month (MoM), analysts said. According to Zeeshan Afzal, an analyst at Topline Securities, year-on-year (YoY) urea sales fell 35 percent as 485,000 tons of the commodity was sold in May 2013. The year-on-year decline could be attributed to low imported urea sales amid expectations that its price might go down, he added. "Our industry contacts…

GIDC hike to push up urea price by Rs 70 per 50kg bag

RIZWAN BHATTI June 06, 2014  -BR Report The increase in Gas Infrastructure Development Cess (GIDC) for fuel stock component of fertiliser sector would have a price impact of around Rs 60-70 per 50-kg urea bag. In order to enhance revenue collection, under the budgetary measurers, the federal government, revising the previous rates, has set a maximum cap of Rs 300/mmbtu GIDC for fuel stock supply. According to Budget 2014-15, the government has also added a provision in the GIDC…

Subsidy to TCP for urea import reduced by Rs five billion

June 05, 2014- BR Report RIZWAN BHATTI The federal government has reduced Trading Corporation of Pakistan''s (TCP) subsidy for urea import by Rs 5 billion for the next fiscal year. Sources told us on Wednesday that the federal government had allocated Rs 25 billion in the budget 2014-2015 (FY15) on account of subsidy to the state-run grain trader for import of urea. The allocation is some 17 percent or Rs 5 billion lower than the outgoing fiscal year''s allocation of Rs 30 billion.…

Urea offtake down by 18 percent YoY

May 28, 2014- BR Report - Urea offtake stood at 258,000 tons in April 2014, down by 18 per cent (YoY) and 33 per cent (MoM) mainly primarily due to excess availability of urea with dealers/farmers and reduced the demand before the start of Kharif season. According to National Fertilizer Development Centre (NFDC), urea offtake in the first four months of this calendar year (4M2014) settled at 1.639 million tons, down marginally by 1 per cent YoY. "Lower decline in cumulative four months…

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