KARACHI, March 24: The Trading Corporation of Pakistan (TCP) said on Monday it had issued a tender to sell 25,000 tons of white refined sugar from government-owned stocks next month.

A TCP statement said the deadline for bids would be March 29 and they would be opened on the same day.

It is the second sugar export tender issued by the TCP following a government decision in December to export at least 300,000 tons of refined sugar in 2003 to reduce surplus stocks.

The decision followed demands from the industry, which has blamed surplus stocks for low domestic prices.

TCP this month sold 12,000 tons of refined sugar at $213 a ton FOB Karachi to two foreign buyers through an open tender.

The corporation sold 6,000 tons each to Conwill of Switzerland and Aero Commerce of Singapore.

A TCP official said the corporation planned to buy up to 100,000 tons from domestic mills by the end of April for export.

Sugar industry officials say up to 500,000 tons of sugar is stockpiled in the country, an amount set to grow during the current crushing season, which started in November and will end in June.

According to government estimates, the sugar production in 2002-03 season will touch about four million tons, leaving a surplus of another half a million tons.—Reuters