KARACHI, Aug 16: The Trading Corporation of Pakistan (TCP) will float next tender for 500,000 tons of wheat this week. According to TCP here on Monday all the four international wheat supplying companies had submitted their performance guarantees with the corporation amounting to 5 per cent of the total value of 484,000 tons of wheat.

The corporation had advised banks for opening of letters of credit (LCs) in the name of these companies. These are: M/s Cargil Inc of Switzerland (84,000 tons), M/s Australia Wheat Board (100,000 tons), Agrico Trade and Finance of Switzerland (150,000 tons) and M/s Louis Dreyfus Corporation of USA (150,000 tons).

Meanwhile, the suppliers have held a meeting with TCP officials for lining up shipment arrangements and dates. A total quantity of 250,000 tons of Australian and Russian wheat was expected to reach Pakistan in the middle of next month, while the balance 234,000 tons would follow from the United States. -APP