Agreement with S Arabia to import 150,000 tonnes of urea

[LRE]

Agreement with S Arabia to import 150,000 tonnes of urea

ISLAMABAD: Realising the shortage of urea for upcoming Rabbi season 2008-09, the Ministry of Food, Agriculture and Livestock has signed another agreement with Saudi Arabia, according to which Pakistan would import 150,000 tonnes of urea from at the end of this month.

The agreement was materialised during a recent meeting of MINFAL Secretary, Ziaur Rehman with Saudi Arabia officials. Before signing this agreement, Pakistan also signed another agreement according to which Saudi Arabia is to provide urea worth $133 million to Pakistan. The last consignment of this agreement had arrived at Karachi port and would be immediately distributed across the country.

There was sufficient quantity of urea in the country but the prices of urea started rising in the international market and reached $800 per tonne but the price in Pakistan remained below $200 per tonne. This huge price difference triggered smuggling of the commodity coupled with hoarding by the local dealers. ijaz kakakhel


http://www.dailytimes.com.pk/default.asp...008_pg5_13