KARACHI: The Trading Corporation of Pakistan (TCP) has entered into an agreement with the Saudi Arabia Basic Industries Corporation (SABIC) for the supply of around 0.2 million tons urea, says a press release.

Jaffer Brothers (Pvt) Ltd which represents Sabic in Pakistan signed the agreement on the company's behalf here on Tuesday.

According to the agreement, the Sabic will supply around 0.2 million tons urea to Pakistan under the $100 million credit facility given by the Saudi Fund for Development (SFD).

The government's Economic Affairs Division had already signed the agreement for the credit facility with SDF on Dec 29 last year in Islamabad.

Under the contract, shipments of urea will start arriving in Pakistan within this month. The new consignment is in addition to 0.7 million tons urea already imported by the TCP for the Rabi crop. The corporation had also floated international tenders for the import of 0.3 million tons urea on Dec 28 last year which would bring total imports for Rabi season to 1.2 million tons, said the press release.