New Delhi (PTI): State-run trading firm PEC Ltd has invited bids for import of 12,000 tonnes of crude palm oil, to be delivered in May.
Bids will close on April 20 and the decision on the tender will be taken on the same day, the company said on its website.
PEC has floated bids on behalf of Hyderabad-based Natural Vanaspati Ltd, it said, adding that bidders should quote for the entire quantity.
Bidders should import crude palm oil from Indonesia and Malaysia. The first lot of 6,000 tonnes should reach Kakinada port in Andhra Pradesh by May 15 and the second lot of 6,000 tonnes by May 30, the tender notice said.
India imports more than half of its annual edible oil demand. Edible oil import in the first four months of this season, starting November, has surged by 68 per cent to 29.51 lakh tonnes against 17.61 lakh tonnes in the year-ago period, according to the latest data compiled by Mumbai-based Solvent Extractors' Association (SEA).
The price of crude palm oil has declined in the global markets by 264 dollars per tonne since August last year, while that of RBD palmolein fell by 302 dollars a tonne, it said.
Source : The Hindu