A thread on how PMLN lies on LNG to cover its own tracks; PMLN setup expensive power plants on Take or Pay basis on imported LNG & coal. Then they setup 2 terminals on take or pay basis (marred in controversy). Then they signed 3 long term LNG supply contracts.
2 of above contracts have defaulted on all cargoes for remainder of contract term. Prior to this they defaulted 8 times in just winters alone. Govt of Pak was receiving expensive cargoes from these contracts when spot prices were lower than them (majority of contract term). 2/4
Now that spot prices are higher & Govt of Pak by chance would have benefitted from long term contracts, the PMLN suppliers have defaulted. But new PM is saying/misleading that PTI govt should've bought LNG spots when they were lower priced i.e. 2 years ago in advance. 3/4
The fact that new PM is so out of his depth and misguided on LNG issues has been picked up by international media too. Here's Bloomberg's business/energy correspondent schooling Shehbaz Sharif sahib on LNG pricing and purchase. Imported govt still cant get out of Tv show mode