March 28, 2022
1 min read

Pakistan staring at looming gas crisis

Pakistan LNG Limited’s (PLL) has also decided not to procure spot LNG cargo for April at the price of $34.677 per MMBTU offered by Vitol Bahrain in the bids opened on Friday….reports Asian Lite News

Pakistan is likely to witness another gas crisis in the upcoming summer season, as well as after the withdrawal of a Singapore-based LNG trading company from the commitment to deliver four LNG cargoes, The News reported.

Pakistan LNG Limited’s (PLL) has also decided not to procure spot LNG cargo for April at the price of $34.677 per MMBTU offered by Vitol Bahrain in the bids opened on Friday.

The Singapore-based company GUNVOR was supposed to deliver the LNG cargoes in the remaining months – one in each April, May and two in June – of its five-year contract ending in July 2022.

PLL had signed a five-year contract in June 2017 with GUVNOR, obliging the Singaporean company to supply the LNG term cargoes at 11.6247 per cent of Brent.

The company earlier pulled out of the contract thrice, first on November 19, 2021, second time on January 10, 2022, and then on March 11, 2022. This time, it is more than four times GUVNOR has defaulted taking the number of defaults to seven times in total.

GUNVOR cargoes were scheduled to arrive on April 15, May 14, and June 4 and 9, 2022, an official informed.

But, the trading company informed Islamabad that it would not be able to deliver the LNG cargoes in its remaining tenure of the term agreement.

ALSO READ: Pakistan’s most wanted terrorist Killed in Afghanistan

Previous Story

CODA scripts history at Oscars

Next Story

Sikh scriptures brought to Derby from Ukraine

Latest from -Top News

Pakistan in the Dark: Power Crisis Boils Over

Regular power outages are a fact of life in Pakistan, but recent developments suggest that the situation is escalating to new extremes….writes Nasir Khattak In early January 2025, a nerve-breaking power outage

IBPC Dubai charts new growth path

Former Tata Motors CEO Ravi Kant headlines exclusive event as Indian business council sets course for transformation….reports Asian Lite News The Indian Business & Professional Council (IBPC) Dubai has signalled a significant

Miles in the Malls!

Dubai Mallathon kicks off today – The emirate’s biggest malls transform into indoor fitness arenas, inviting residents to walk, run, and win — all while staying cool, healthy, and community-connected….reports Asian Lite

Famine grips Gaza, WHO warns

WHO said Gaza’s population is facing acute food insecurity under the Integrated Food Security Phase Classification…reports Asian Lite News The World Health Organisation (WHO) has issued its starkest warning yet about the

Lifeline from UAE to Gaza

UAE’s Operation Chivalrous Knight 3 sustains Gaza’s collapsing health system with hospitals, treatment, aid, and vaccines, offering vital relief to thousands amid deepening crisis….reports Asian Lite News The United Arab Emirates has
Go toTop

Don't Miss

No-trust move: Imran warns opposition of ‘consequences’

In his address, Imran Khan used derogatory nicknames for his

India rejects references to J&K in China-Pak statement

External Affairs Ministry spokesperson Arindam Bagchi said that the references