Cold winter on the cards as govt fails to secure gas

ISLAMABAD: The country has failed to secure liquefied natural gas (LNG) from the spot market in its first attempt after a year-long break, as it received no bid for six shipments for the coming winter months. State-run Pakistan LNG Ltd (PLL), which last week floated short-term tenders for three cargoes each in October and December, announced on Tuesday that it received no bid for any of the delivery windows until the closing time at 12:30pm. The LNG supplies in the spot market eased in recent months, with significant price drops to the pre-Ukraine war level. This prompted the PLL to test the waters for its winter energy gas shortage. However, those dealing with energy supplies said Pakistan’s strained relations with the International Monetary Fund (IMF) and adverse credit rating amid foreign exchange limitations kept the LNG traders at bay, as the country has been struggling to line up letters of credit for necessary imports.