ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet here on Monday approved the lowest bids of two companies for the import of 580,000 metric tons of wheat through Karachi and Gwadar ports.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting, according to a press statement issued by the finance ministry.

Keeping in view the results of the 7th International tender and government-to-government (G2G) offer, the ECC approved the lowest bid from M/s Cereal Crop TradingLLC @ US$ 372/MT for the supply of 130,000 MT at Karachi ports for the shipment period from December 16, 2022, to February 8, 2023.

The committee also granted approval of the offer of M/s Prodintorg, Russia on a G2G basis @US$ 372 /MT for a supply of 450,000 MT at Gwadar Port for a shipment period from 1st February 1st, 2023 to March 31st, 2023.

The Ministry of National food Security and Research submitted a summary of the Award of 7th International Wheat Tender 2022 opened on November 30, 2022.

It was decided that any additional cost on inland transportation from Gwadar Port will be borne by PASSCO to be recovered from provinces at the time of the release of wheat stock.