No company responded to crisis-hit Pakistan’s offer to buy LNG cargo

Crisis-hit Pakistan has failed to secure liquified natural gas (LNG) from the spot market in its first attempt in about a year, as no supplier seems to budge to the cash-strapped nation’s offer, as per Bloomberg, The News reported.

Traders, on the condition of anonymity, told the publication that Pakistan LNG Limited’s (PLL) bid to purchase six shipments for October to December closed on Tuesday with no companies responding to the offer.

Many overseas banks were not accepting letters of credit (LCs) from Pakistani financial institutions to procure LNG shipments, making suppliers reluctant to offer cargoes, the publication reported last week.