PTI govt bought LNG far costlier than purchased by PML-N: Miftah

ISLAMABAD: Former minister for finance and PMLN leader Miftah Ismail said on Sunday that it was not to accuse anyone of corruption but the PML-N bought Qatari LNG cost Pakistan 13.37 percent of Brent and this spot cargo bought by PTI cost 42 percent of Brent.

In a tweet, he said that that the LNG bought bought by the PTI government was more than 3 times costlier than that was bough by PMLN and it caused $65 million loss in just one cargo.

He asked, “Can we at least agree on epic incompetence!” Meanwhile, Geo News reported that in a bid to avert the looming gas crisis in the country, the Pakistan LNG Limited (PLL) has decided to procure an LNG cargo at the highest ever price of $30.6 per million British thermal units (mmbtu), it emerged Sunday.Sources privy to the matter said that the state-owned company, PLL, had issued an emergency tender on November 2, seeking bids for spot cargoes after two LNG trading companies, ENI and GUNVOR, backed out of providing two LNG term cargoes due to be delivered on November 19-20 and November 26-27.

The PLL received five bids with higher prices ranging from $29.8966 to $31.0566 per mmbtu from international LNG trading companies for two spot LNG cargoes to be delivered in the last 11 days of the current month, the sources added.

The PLL has decided to buy an LNG cargo at $30.6 mmbtu, while efforts are underway to buy one more LNG cargo to meet the gas demand in the country.

Meanwhile, efforts are also underway to convince the LNG companies who have backed out of the agreements signed with PLL to review their decision in the face of skyrocketing gas prices in the international market, the sources added.

Pakistan receives expensive bids for emergency LNG cargoes A day earlier, the Pakistan LNG Limited (PLL) had received five expensive bids for emergency LNG cargoes to avert the looming gas crisis in the country.

According to the details PLL had received bids with higher prices ranging from $29.8966 to $31.0566 per mmbtu from international LNG trading companies for two spot LNG cargoes.

The country had gotten the lowest bid for November 19-20 from Vitol Bahrain at $29.8966 per mmbtu and for November 26-27 from Qatar Petroleum Trading at $30.6500 per mmbtu.

The PLL board had held a meeting, which lasted for hours, to decide if it was to purchase the LNG cargoes at the lowest bids, which are factually at a higher trajectory in terms of prices. The PLL top management, under direction from the Petroleum Division, was tight-lipped and not ready to share the decision.

PPP demands judicial inquiry into LNG scam

Earlier today, it was reported that PPP senior leader Mian Raza Rabbani called for a judicial inquiry into the recent LNG scam, saying that Pakistan is moving towards a gas crisis due the government’s incompetence and non-transparent policies.

“There will be shortages and increase in tariff in winter due to the new LNG bids ranging from $29.89 to $31.05 per MMBTU,” he said.

Rejecting the increase in the prices of petroleum, sugar and the power tariff, Rabbani said the IMF has completely taken over Pakistan. “Electricity rates increased by Rs.1.68 for domestic consumers and Rs1.39 for commercial and industrial consumers,” he said, adding that the government, in the darkness of Thursday night, increased the price of petrol by Rs8.03 per litre and the price of diesel by Rs8.14 per litre.

“Two weeks ago, the price of petrol was jacked up by Rs10.49 per litre,” he said. The IMF liquidators are occupying decision-making positions and are pushing the country towards an economic collapse, he said. “This can have disastrous consequences for the federation,” he said, adding that the failure of the government to take action against the sugar mafia despite the commission report has resulted in sugar mills once again earning lofty profits by selling sugar at Rs140 per kg.

Meanwhile, PML-N President and National Assembly Opposition Leader Shehbaz Sharif has lashed out at the PTI’s procurement of LNG at historic high rates warning that it would add fuel to the fire of Inflation already burning the people of Pakistan.In a statement issued on Sunday night, Shehbaz said the nation was already being crushed under the avalanche of PTI’s corruption and incompetence. The Imran government had made sugar, flour, oil, petrol, medicines unaffordable for the poor Pakistanis, he added.

This procurement of LNG at more than $ 30 mmbtu was another mega scandal that needed to be investigated. The people of Pakistan would pay for this disastrous deal by the tyrannical Imran government. This current regime was one disastrous fraud after another.

Shehbaz said the PTI government, which was declared most corrupt by Transparency International, came up with the NAB Amendment Ordinance to hide their theft and corruption instead of punishing the corrupt. And even after doing all this and issuing Ordinances to protect corruption, Imran Khan said he was at a loss to understand what was causing inflation, he concluded.