Another urea shipment of some 26,000 tons imported from Saudi Basic Industries Corporation (SABIC) has arrived at Gwadar Port. This is the second urea consignment against $100 million credit facility being provided by the Saudi Fund for Development (SFD). Under this facility, first shipment of some 27,500 tons of urea was arrived on February 12, 2013.
A ship, MV KRONOS ISLAND, carrying some 26,154 metric tons of urea has reached Gwadar port on Thursday. The ship was loaded and sailed from “Al-Jubail” port of Saudi Arabia few days back and urea offloading has been initiated at Gwadar port. As per initial tentative schedule provided by SABIC, some 115,000 metric tons of urea will be supplied during first quarter (January-March) of 2013, out of which two shipments of cumulatively some 53,654 has already arrived while the third shipment of 30,000 tons is also due during this month.
An official of TCP has also confirmed that urea consignment import from Saudi Arabia under credit facility has arrived on Thursday. He said that another consignment of imported urea is also schedule to reach Gwadar port in the second week of March 2013. In January this year, a commercial agreement was signed between Trading Corporation of Pakistan (TCP) and SABIC for the supply of urea against $100 million credit facility being provided by SFD.
As per the agreement, SABIC will supply approximately over 200,000 to 240,000 metric tons of urea to Pakistan under this facility. However, the total quantity depends on the international price as if the prices will be on higher side Pakistan will get less quantity and in case of lower prices, the country will get more supply from SABIC. While, total delivery of imported urea is expected to complete till December 2013, however, TCP is making efforts for early supply of commodity.