In yet another major achievement after winning final approval to borrow $3 billion from the International Monetary Fund (IMF), energy crisis-hit Pakistan received liquefied natural gas (LNG) shipments offer for the first time in more than one year.
Traders, on the condition of anonymity, had said that Pakistan LNG Limited’s (PLL) bid to purchase six shipments for October to December closed with no companies responding to the offer, Bloomberg had reported. As per the latest update, Trafigura Group offered two LNG shipments for January to February delivery, said traders privy to the matter.
According to the media outlet, the move comes as Pakistan’s government finances are on the mend. The nation won final approval to borrow $3 billion from the IMF earlier this week, unlocking long-awaited lending that will help ease its dire need for cash. The shipments that Trafigura offered are priced at roughly a 30% premium to current market prices, according to traders. Typically, spot purchases of fuel would be sold at similar levels to market prices.
