Pakistan LNG seeks four cargoes for July delivery

KARACHI: Pakistan LNG Limited (PLL) is seeking four shipments of liquefied natural gas (LNG) for delivery in July, with bids to be sent in by June 23, a tender published on Friday showed. The four delivery windows given to international suppliers for the cargoes are July 3-4, 8-9, 25-26 and 30-31.

In recent years Pakistan has increased reliance on LNG for electricity generation, but is facing widespread power outages as procurement of the chilled fuel remains unreliable and expensive.

Pakistan plans to seek a deferred payment plan for liquefied natural gas bought under long-term deals with Qatar, as Islamabad faces a balance of payments crisis and falling foreign exchange reserves. As it awaits IMF funds, cash-strapped Pakistan is faced with falling foreign exchange reserves, enough for less than 45 days of imports, and a huge current account deficit - with energy purchases dominating its record import bill.