KARACHI, Aug 15: The Trading Corporation of Pakistan (TCP) said on Monday it had purchased 25,000 tons of white sugar at $390 a ton C&F Karachi. TCP chairman Masood Alam Rizvi said that the corporation had bought the sugar from Dubai-based Al Khaleej Sugar Company.

“The sugar we have bought from Al Khaleej is from various origins including China, Thailand and Brazil,” he said.

Al Khaleej will complete shipments two weeks after the opening of a letter of credit, Rizvi said.

The tender to buy 50,000 tons of sugar was opened on August 3, and Rizvi said the TCP had bought 25,000 tons because “all other offers were conditional”.

“Only Al Khaleej had made an offer of 25,000 tons which was according to our terms and conditions,” he said.

TCP had received six bids from international suppliers, he said.

TCP could buy the remaining 25,000 tons in a third tender, which will be opened on August 20, he said.—Reuters