Bulog to import more rice

JAKARTA (JP): The State Logistics Agency (Bulog) announced on Thursday it would import 800,000 metric tons of rice through two foreign companies at US$216.90 per ton in the period between August and May next year.

The two companies, IndSingThai Trading of Singapore and Kin Sun Co., of Hong Kong, outbid other companies during earlier selective bidding, according to a Bulog statement.

During bidding, Bulog received about 69 offers for between 30,000 tons and 1.5 million tons of rice with prices ranging from $207.50 per ton to $275 per ton.

"The payment of the rice imports will be made within 24 months without interest and the delivery schedules are set from August 1999 to May 2000," the statement said.

Each of the two companies will supply 400,000 tons of rice.

Bulog said the government planned to hold another tender to buy more rice in early August, with financing to come from the Islamic Development Bank.

"The tender in August will use the terms of financing similar to the ones agreed upon with the Singaporean and Hong Kong firms," the agency said.

Bulog is also considering offers made by two other companies.

The supply will be set according to the agency's needs. (cst)