Punjab government signs deal to export 2.4 million tons of wheat

Lahore  (february 18, 2011) : punjab government has signed agreement of exporting 2.4 million tons of wheat with 21 different firms in a bid to generate funds for the procurement of coming crop and create storage capacity by disposing off the existing stock. secretary food punjab muhammad irfan elahi while talking to business recorder here on thursday said that the food department till date had some 4.1 million tons of wheat in its stock.
export of 2.4 million tons would not only enable the department to generate funds required for coming crop but would also create storage capacity currently occupied by the stocks from previous two years. he said that these exporting firms had to lift this wheat by april 30. 2011. while some exporters having agreement of around 400,000 to 500,000 metric tons of wheat are to lift their stocks by may 31, 2011, as per agreement reached with them.
irfan stated that the government was giving a subsidy of rs 600 per ton to the exporters under the head of transportation. however this subsidy would not be extended in the new agreements, as the prices of wheat had gone higher in the international market. irfan further said that the provincial government had exported 200,000 metric tons of wheat till date through different firms.

(Source: http://www.brecorder.com/news/agriculture-and-allied/pakistan/1156289:punjab-government-signs-deal-to-export-2-4-million-tons-of-wheat.html?hl=wheat)