The news stories hit like clockwork every year. As the winters approach, different industries start complaining that there is not enough gas to run their operations resulting in reduced output. Countrywide blackouts ensue. Gas load shedding for domestic consumers makes the headline and there is a sense of doom and gloom.
Whether this will happen again this year became a question last week after it emerged that Pakistan failed to receive any bids in its latest attempt to procure liquified natural gas (LNG) from the spot market. Pakistan has not tried to procure LNG for a while. So what gives now, and why is the country finding it hard to buy the product?
The Pakistan LNG Limited (PLL), a government subsidiary that manages the entire LNG supply chain from procurement to distribution to the end user, issued a tender on June 13, seeking six cargoes for delivery in October and December. The quantity sought was 140,000 cubic meters of LNG per cargo.
The tender’s outcome was keenly watched as it was issued almost a year after a previously unsuccessful attempt in July 2022 when the PLL received zero bids. However, shortly after the new tender closed on June 20, the PLL shared that once again, no bids were received. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
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