Passco selling old wheat stocks

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STAFF REPORT LHR: After approval of the Economic Coordination Committee (ECC) to dispose of old wheat stocks, the Pakistan Agriculture Storage and Services Corporation (Passco) has sold 137,000 tons to the millers, says a Passco spokesperson in a statement issued here last week.
On March 13, the ECC had allowed Passco to sell wheat stocks of 450,000 tons to local millers. The permission was granted after Passco argued that if it kept the surplus commodity, it would put an extra burden on the government in shape of incidental charges. The disposal of old stock would make it possible to save the incoming crop, he said.
The spokesperson said that contracts with interested parties have been reached against security money of one per cent of the total cost of the contracted quantity. Around 137,000 tons have been disposed of while the remaining would be sold by April 15 to create storage space for the new crop, he added.


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