ISLAMABAD: Top LNG global suppliers have decided not to take part in the recent tender due to National Accountability Bureau’s (NAB) investigation related to LNG terminals in the country, claimed a report in The Express Tribune.
According to the report, global investors were not taking interest in Pakistan’s LNG market following NAB’s activism regarding LNG projects. Pakistan LNG Limited (PLL) had invited bids for supply of 240 LNG cargoes over a period of 10 years with the arrival of two cargoes a month.
Only four companies participated in the tender. Sources in the report claim that two global suppliers and producers of LNG had bought tenders but did not participate due to the arrest of Shahid Khaqan Abbasi.
The report claims that following the NAB cases regarding LNG terminal, two LNG traders were not taking interest in LNG contract. The officials remarked that the NAB cases had not only harassed local investors but foreign investors were also unwilling to invest in Pakistan.
This ruse might not be clearly linked with NAB. Big companies enter into business through contracts, with clauses that safeguardes them. They might not be coming because previously they may be involved in insider trading, which now theu fear. Else there is nothing to fear. A good example is Tithian’s Recodeck case. Pakistan got the penalty for not fullfiling the contract.
So NAB arresting Shahid khaqaan does nothing.
True
The companies don’t like to get into litigation. Do you think Tithian was interested in litigation. They want to make profit and have security of contract.