KARACHI, Aug 23: The Trading Corporation of Pakistan (TCP) will release 50,000 tons of refined sugar from its stock next week to ease local prices. TCP Chairman Syed Masood Alam Rizvi on Tuesday pointed out that the corporation had a stock of more than 300,000 tons of sugar procured from various local mills last year. He said this sugar would be released in the market after the decision of the Economic Coordination Committee (ECC) of the cabinet, which was expected to meet next week.

He pointed out that the TCP had so far awarded supply contracts for 150,000 tons of sugar since early January this year when it was asked to import 200,000 tons of sugar to meet domestic demand.

“About 75,000 tons of the contracted sugar will reach Pakistan by late September and the rest by October this year,” Mr Rizvi added.

He was of the view that the corporation would have enough sugar stock to feed local needs. The TCP chairman said 20,000 tons of imported sugar against earlier tenders had already arrived, while another shipment would reach on August 26. About 50,000 tons of imported sugar will reach late September, he added.—APP