Pakistan State Oil (PSO) has clarified that the state-owned petroleum corporation has not made the costliest purchase of LNG cargoes.
In an official statement, PSO has strongly refuted the media reports which suggested that it made the costliest purchase of LNG cargoes not only in the country’s history but the second-highest summer purchase in the world and failed to publish the procurement rates.
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PSO has not purchased any cargo at $20.055. The bid received against the required delivery of 29 and 30 August 2021 was higher than the price acceptable to PSO and the tender was scrapped on 27 July 2021. It has retendered for the same delivery period on 29 July 2021.
As a responsible corporate entity, PSO has always maintained the highest standards of transparency in all its business dealings and practices. All of its bid results are also published on its website as per PPRA rules.
Furthermore, PSO has signed a new long-term supply agreement with Qatar Petroleum (QP). The supplies under the contract will start in January next year which will further reduce the basket price of LNG being imported into the country.
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Anticipating a higher demand in the coming winter season, PSO has activated a clause in the QP contract for procuring 4 additional cargoes in November and December at new contractual prices, which are expected to be relatively lower than the market price during winter.
As a national flag bearer, PSO will remain committed to safeguarding the national interest and will leave no stone unturned to ensure the progress of Pakistan, the statement concluded.
