KARACHI, April 22: The Trading Corporation of Pakistan has purchased 50,000 tons of white sugar at $504 per ton C&F Karachi, it said on Saturday.

TCP Chairman Asif Zaman Ansari said the corporation had bought sugar from Dubai-based Al Khaleej Sugar Company. The TCP had issued the import tender on April 14. The supplier would complete shipment within four weeks after the opening of letter of credit.

Mr Ansari said Al Khaleej had shown interest in supplying another 50,000 at a higher price. “We have told them that we can buy another 50,000 tons if they bring their prices down to $504 per ton,” he told Reuters.

The TCP had approached another UAE-based exporter, which had quoted $536 per ton, to match the lowest bid price and Mr Ansari said it was awaiting a reply from both parties.

The corporation has been regularly buying sugar on the international market after a government estimate that Pakistan would need at least 800,000 tons of imports in 2006 to meet demand.