Following yet another failed attempt by the South Asian country to acquire liquefied natural gas (LNG), Bloomberg predicted that Pakistan’s energy crisis will last for months.
Bloomberg writer Stephen Stapczynski, who is stationed in Singapore and covers energy and commodities in the area, tweeted about the highlighted development. After yet another failed attempt to purchase LNG, he said, “Pakistan’s energy crisis appears certain to linger on for months.”
According to reports, the mammoth $1 billion LNG cargo tender that the state-owned Pakistan LNG Limited (PLL) put out for bids received not a single offer. This demonstrates the severity of the global gasoline shortage as well as the suppliers’ reluctance to provide to a nation experiencing an economic crisis.
Pakistan has failed to close an LNG tender four times since June. The nation has been negatively harmed by growing prices since it depends heavily on imported energy. The administration is “arranging” a financial rescue plan with the International Monetary Fund as a result of the country’s 20 percent inflation rate (IMF).
Because of more frequent supply disruptions from Russia to the United States, gas prices have generally increased more in Asia in recent weeks. The rerouting of global LNG exports to energy-strapped Europe, where utilities are willing to pay higher prices than in emerging markets Due to rising prices, Thailand and India have cut back on imports, although they are not as susceptible as Pakistan.
In a tender that ended on Thursday, Pakistan was looking to buy 10 LNG cargoes on the spot market for the July-September window. Dealers said that because the government couldn’t afford any purchases at the moment because to how costly things are, even if PLL’s tender had gotten bids from suppliers.
Because of more frequent supply disruptions from Russia to the United States, gas prices have generally increased more in Asia in recent weeks. The rerouting of global LNG exports to energy-strapped Europe, where utilities are willing to pay higher prices than in emerging markets Due to rising prices, Thailand and India have cut back on imports, although they are not as susceptible as Pakistan.
In a tender that ended on Thursday, Pakistan was looking to buy 10 LNG cargoes on the spot market for the July-September window. Dealers said that because the government couldn’t afford any purchases at the moment because to how costly things are, even if PLL’s tender had gotten bids from suppliers.
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