On July 7, 2022, Bloomberg ran a story with the headline “Pakistan’s $1 Billion Gas Tender Flop to Worsen Energy Crisis”. The author, citing traders, writes that state-owned Pakistan LNG received not a single offer in a $1 billion liquefied natural gas purchase tender. That indicates both the extent of the global fuel shortage, and also the reluctance of suppliers to sell to a country in the depths of an economic crisis.
Pakistan wanted to buy 10 LNG cargos from the spot market for delivery from July to September via the tender that was closed unsuccessfully. According to data compiled by BloombergNEF, Pakistan bought almost half of its LNG on the spot market last year, with the rest coming under long-term deals.
Most likely, no one...