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Pakistan Sells 100,000 MT Wheat to Iraq
KARACHI - Mar 4/01 - STAT -- Pakistan confirmed the sale of 100,000 metric tons (MT) of wheat and 400,000 MT of rice to Iraq under provisions of the United Nation's oil-for-food program.
Masood Alam Rizvi, chairman of state-controlled Trading Corporation of Pakistan (TCP), said the agency is negotiating to sell another 150,000 MT of wheat to Iraq.
In other news affecting the country's wheat market, Rizvi said the TCP will try to issue another export tender for 500,000 MT of wheat after failing to attract high enough bids on the last tender.
Negotiations with companies bidding for the wheat broke down when the TCP countered their initial bids with offers at U.S. $120 MT. One of the buyers, United Resources, a local agent of a French company, tried to buy 100,000 MT of wheat at $102.24. Another, National Flour Mills of Dubai, was willing to pay $105.25.
Both counter offers were turned down.
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