Textile goods to be released
Pakistan and the US have reached an agreement to release textile goods
worth millions of dollars blocked at US ports, officials said..
The customs authorities and Pakistani diplomats agreed to get the
blocked products adjusted against year 2000 quotas so that these products could be
released to importers and sold in the market.
An official said over 134,000kg of Category 666-P products were
authorized to be released.
The official said a reconciliation process would also begin
simultaneously to assign proper categories to the imported goods and adjustments would be
made accordingly in 1999 and 2000 textile quotas, if needed.
The US authorities had placed an embargo on Category 666-P exports and
all shipments under this category, including Category 666-C, were blocked at the ports.
Tender for gas oil
The Pakistan Ministry of Petroleum and Natural Resources has tendered
to buy lower 0.5 per cent sulphur gas oil for the first time in its quarterly tender, a
senior government official said on Wednesday.
The tender sought up to 420,000 tonnes of 0.5% sulphur diesel for
delivery between January to March 2000, instead of its usual 1.0% diesel requirement.
'We have tendered for 0.5% sulphur gas oil instead of 1.0% gas oil for
the first time from January,' G.A. Sabri, the ministry's director general of Oil said.
'Basically, it's for environmental reasons.'
The new lower sulphur grade was also in line with changes in the
industry, as few producers now want to make high sulphur diese1 because of shrinking
A key buyer, India, stopped importing 1.0% diesel from April this year.
Sabri said Pakistan's on-going term contract with main diesel supplier
Middle East refiner Kuwait Petroleum Corp (KPC) would also be changed to 0.5% supplies
instead of the current 1.0% from January next year.
Industry sources said the contract was for around four million tonnes
of diesel per year.
Meanwhile, Sabri said the ministry was also introducing higher octane
gasoline in the domestic market.
From January, only 87-octane gasoline would be sold in Pakistan instead
of 80-octane gasoline, but the ministry would still import the lower octane grade to blend
locally, he said.
The tender will close November 29 with offers valid until December 9.
Jet fuel exports
Pakistan will export up to one million tons per year of jet fuel and
gasoline combined, after the start-up of a new refinery next year, a senior government
official said on Wednesday.
The ministry of petroleum and natural resources' G.A. Sabri, Director
General of Oil, told Reuters the Mid Country Refinery Project (MCRP) was slated to begin
in September next year.
"When the refinery is roughly full capacity, we will have surplus
of around half a million tons per year of each product (jet and gasoline) for
exports," Sabri said.
PASSCO to buy onion
Provincial governor Justice (Retd) Amir-ul-Mulk Mengal has assured that
the onion problem now being faced by Balochistan's growers will be soon resolved as PASSCO
has agreed to purchase onion at the rate of Rs 550 per 100 kgs.
PASSCO would start purchasing Balochistan's onion very soon by
implementing the decision taken earlier in this connection, Justice Mengal said here on
He was talking to a delegation of the Balochistan farmers who called on
him with its chairman, Syed Taj Mohammad Agha, at the governor house.
Textile quota exports down by 15 pc
Textile quota exports to the USA, Europe, Canada and Turkey declined by
15 percent during the period from January to November 15 this year compared with the same
period of last year.
According to latest figures released by the Quota Supervisory Council
(QSC) of Export Promotion Bureau, the rate of utilisation in all quota categories stood at
56.16 percent during the period under review against the utilisation rate of 63.53 percent
achieved last year.
The average unit price of textile quota exports declined by 0.72
KPT's one-window import terminal inaugurated
The one-window import terminal was inaugurated on Tuesday to facilitate
trade by ensuring clearance of documents under one roof in just few hours. Chairman
Karachi Port Trust (KPT), vice admiral Khalid M. Mir performed the inauguration.
The new terminal is at a central location under the Jinnah Bridge where
two buildings have been earmarked separately for the KPT staff and other for KMC, Excise
and Taxation and Banks.
All these agencies are now under one roof at the terminal. Parking
spaces have been earmarked and the traffic flow has been planned to avoid any likely
inconvenience to the visitors and port users.
Gold demand up
The demand for gold increased by 32.3 tonnes or 27 per cent in the
third quarter (July-September) of the current year.
"Total gold demand also rose in the third quarter to 876.5 tonnes
or 22 percent," said World Gold Council's Manager for Pakistan, Yousuf Akhtar Zaidi.
Pakistan to buy 0.5m tons wheat
Pakistan will buy half a million tons of wheat in an open auction at
the Pakistan Embassy on Nov 22, the embassy announced on Tuesday.
The bids would be received on Nov 22 and a decision would be announced
a day later both for the commodity and freight, the embassy said.
US companies will now be bidding for the sale as a credit of $125
million was just recently approved by the US agriculture department.
Australia's national wheat export board will also bid in the Pakistan.
An Australian announcement said: "As part of our relationship with
Pakistan we'll be very interested in that tender." Pakistan purchased 1.1 million
tonnes of Australian wheat in year 1998/99. The wheat would be purchased for shipments
during the month of December, the embassy said.
The US agriculture departments says Pakistan will import three million
tonnes in the 1999/2000.