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January 26, 2021
KARACHI: The country lost Rs122 billion in last two years due to delayed on spot LNG purchase and production of expensive power through furnace oil inflicting a colossal sense of foreboding and frustration among the nation. This was said by Shahzeb Khanzada in his Monday’s episode of Aaj Shahzeb Khanzada Kay Sath.
Khanzada said due to the failure to contract LNG purchase through futures market, the people not only suffered acute shortages of the heating and cooking in the intense winter, the country on the other hand lost Rs35 billion due to spot purchases of LNG. Furthermore, a further loss of Rs50 billion was inflicted when expensive electricity was produced through furnace oil but the petroleum ministry failed to finalise a timely strategy. Had the LNG being contracted through futures market, none of this would have happened.
KARACHI: The country lost Rs122 billion in last two years due to delayed on spot LNG purchase and production of expensive power through furnace oil, inflicting a colossal sense of foreboding and.
The government has sought urgent tenders for liquefied natural gas (LNG) deliveries in third and fourth week of February. Reuters/File
ISLAMABAD: The government has sought urgent tenders for liquefied natural gas (LNG) deliveries in third and fourth week of February to fill the gap arising out of a default by Emirates National Oil Company (ENOC) on its supply commitment.
A senior official at the Ministry of Energy (Petroleum Division) confirmed that two cargoes had been sought from the international market using emergency provisions of the procurement rules. He said Pakistan LNG Limited (PLL) the state-run entity responsible for import of LNG had approached prospective suppliers for LNG delivery on Feb 15-16 and Feb 23-24.