Home ›› 04 Aug 2022 ›› News

TCB to import 3.3 crore litres of soybean oil

Price of urea fertiliser declines in global market
UNB . Dhaka
04 Aug 2022 00:00:00 | Update: 04 Aug 2022 00:13:54
TCB to import 3.3 crore litres of soybean oil

Trading Corporation of Bangladesh (TCB), the state marketing agency, will import 3.30 crore litres of soybean oil from two companies, one from the United Arab Emirates and another from Canada, through direct purchase method (DPM) without any tender process.

Cabinet Committee on Government Purchase (CCGP) in a meeting on Wednesday approved a proposal placed by the Ministry of Commerce in this regard. The committee also approved two separate proposals on fertiliser import which shows that the price of urea fertiliser has substantially decreased on the global market.

Finance Minister AHM Mustafa Kamal presided over the virtual meeting while members of the committee joined it.

According to the proposal, some 2.20 crore litres of edible oil will be procured from Ferrani Polaska Spzoo Food Stuff Trading LLC, UAE (local agent - Shan Trading Ltd, Dhaka) while 1.10 crore litres of oil from Canada INC (local agent - Haque Group, Dhaka).

The entire import will cost Tk 448.82 crore, with each litre costing $1.44 (equivalent to Tk 136) valuing each dollar Tk 94.45.

The TCB will sell the edible oil in bottles, each having two litres of oil.

Besides, Bangladesh Chemical Industries Corporation (BCIC) under the Ministry of Industries will procure 30,000 tonnes of bagged granular urea fertiliser from Karnaphuli Fertilizer Company Limited (Kafco) at a cost of Tk 157.32 crore, with each tonne costing $557.87. Earlier, the price was $567.50 per tonne.

The BCIC will import another 30,000 tonnes of bulk granular urea fertiliser from Saudi Arabia-based SABIC Agri-nutrients Company at a cost of Tk 158.15 crore, with each tonne costing $560.83. Earlier the price was $597.57 per tonne.

Meanwhile, the Cabinet Committee on Economic Affairs approved two proposals in principle for import of fertiliser under state-to-state contracts.

Under these contracts, BCIC will import 3.6 lakh tonnes of urea fertiliser from Fertiglobe Distribution Ltd, UAE, Qatar under state-to-state agreement while Bangladesh Agriculture Development Corporation (BADC) will import one lakh tonnes of MOP fertiliser from UAE-based Falco General Trading LLC.

However, the two proposals will require a final approval from the Cabinet Committee on Government Purchase to start the import by stretching prices.

×