Islamabad, June 20 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.
The $350 billion economy is struggling with a depreciating currency, political turmoil, and an increased risk of a default on its foreign debt, The News reported.
To top it off, the International Monetary Fund (IMF) came down hard on the federal government's recently presented budget, a sign that the June-end deadline to unlock the funds won't be met.
Pakistan's inability to buy gas will aggravate energy shortages in the country, increasing the frequency of blackouts and curbing the supply of fuel to industrial consumers.
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