KARACHI, Nov 11: The Trading Corporation of Pakistan (TCP) has awarded import contracts for a total of 440,000 tons of urea at $540.75 per ton (c&f) on the lowest bid basis to four different bidders, official sources said.

The corporation called international gallop tender on Nov 1 to meet the shortfall being faced by the country for the Rabi crop.

In all, 13 responsive bidders participated in the tender and quoted prices ranged between $540.75 and $578 per ton (c&f).

Official sources said M/s Dreymoor Fertilisers Overseas PTE Ltd offered the lowest price at $540.75 per ton (c&f) for a quantity of 50,000 tons. However, they agreed to increase the quantity up to 100,000 tons at the same price.

Three more bidders, Keytrade AG Switzerland, Transmonia, Switzerland and Incitec Pvt Ltd, Australia, who had quoted higher rates agreed to match the lowest price of $540.75 per ton (c&f) for supply of 150,000, 100,000 and 90,000 tons, respectively.

With the completion of these bids, the TCP has achieved the target of import of 700,000 tons urea for the Rabi 2011-12, assigned by the government.

As per tender terms and conditions, shipment of imported urea of this tender would start within one week after opening of L/Cs.

The corporation expects to complete the shipments by mid-December 2011, TCP sources said.