Pakistan was unable to get liquified natural gas (LNG) from the spot market since no supplier was willing to accept the cash-strapped country’s offer, Bloomberg reported on Tuesday.
On Tuesday, Pakistan LNG Limited’s (PLL) bid to purchase six shipments for October to December concluded without receiving any responses, traders who asked to remain anonymous told the publication.
According to a story in the journal from last week, many foreign banks were refusing to accept letters of credit (LCs) from Pakistani financial institutions used to purchase LNG shipments, which discouraged suppliers from offering cargoes.
Last week, Pakistan issued two tenders seeking spot liquefied natural gas (LNG) cargoes.
As per the PLL website, the company, in the first tender, sought six cargoes of 140,000-meter cube of LNG per cargo on a DES basis at Port Qasim in Karachi for October and December.
The delivery windows were October 5-6, 20-21 and 31, and December 7-8, 13-14 and 24-25.
The tender closed on June 20 (today).
PLL has also advertised a second tender seeking three cargoes, also on DES basis at Port Qasim, for January and February.
The second tender has delivery windows of January 3-4, 28-29 and February 23-24, and closes on July 14.
Pakistan imported 9 billion cubic metres (bcm) of LNG last year, according to Refinitiv data, down nearly 20% from 11.2 bcm in 2021.
