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Passco to offload 0.6 million tons of wheat today




  • Pakistan Agricultural Storage and Services Corporation (Passco) will offload some 0.6 million tons of wheat stocks at Rs 1,100 per 40-kg today (Tuesday). Following the federal government directives, Passco is initiating the second phase of wheat offloading to sell its last year’s stocks in the domestic market before new crop season, in which it will be required to procure new wheat stocks. 

    The applications for the sale of wheat will be received from March 12, 2013 (today) onwards during the working hours at Passco head office Lahore, however as per the announcement, flour mills will be given top priority in the second phase of wheat sale, while applicants who have been entertained in phase I will not be allowed to participate in phase II. 

    Sources said it is being expected that Passco will receive very positive response from millers and complete quantity will be sold out in a single day like the previous auction. In the last week of January this year, Passco offloaded some 0.4 million tons wheat stocks and complete quantity was sold out in a few hours as hundreds of parties reached Passco head office early in the morning with millions of rupees pay orders to get cheap wheat. 

    For current sale, Passco has announced that all applications will be received in person or by authorised representative only and no applications will be received/entertained through mail or any such medium. In addition, only one application will be submitted by the applicant or his representative and no person can represent more than one applicant. 

    As per conditions, first three days of sale will be exclusively for flour mills, however in case they fail to apply within three days, the leftover quantity, if any, will be offered to traders, etc. 

    Passco will sell wheat on “First Come First Serve” basis. However proportionate wheat quota for provinces has been fixed and 200,000 tons will be sold to Punjab, 150,000 tons to Khyber Pakhtunkhwa, 100,000 tons to Balochistan and 150,000 tons to Sindh-based parties. 

    Applicant will be required to submit down payment of the desired quantity in shape of bank draft/pay order, payable at any branch in Lahore in the name of Passco. While, no cheques/cash/CDRs or any other mode of payment will be accepted as down payment. The down payment will be adjusted in last consignment. Passco has wheat stocks of over 2 million tons and after current offloading it will have 1.4 million tons in its godowns as strategic reserves. 

    Copyright Business Recorder, 2013

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