The Singapore office of global trading firm Keytrade won a tender on Tuesday to export 50,000 tons of urea fertilizer produced by state-owned PT Pupuk Kalimantan Timur, a senior PKT executive said on Wednesday. PKT president director Hidayat Nyakman said the fertilizer was priced at $250 a ton, lower than initial expected price of $270 to $280 a ton.
Ministry of Trade Mari Elka Pangestu last month approved the export of about 500,000 tons of urea fertilizer due to weak domestic demand. PKT, the country’s largest state-owned maker of urea fertilizer, will be allowed to export 208,000 tons by the end of the year. Other producers granted export rights until the end of the year included PT Pupuk Sriwidjaja, PT Pupuk Kujang and PT Petro Kimia Gresik.