ISLAMABAD: Pakistan will ramp up spot buying of liquefied natural gas (LNG) from the international market, seeking up to six cargoes for December, its procurement subsidiary said on its website, as the country prepares for a potentially crippling gas shortage.
December and January see the largest spike in demand for gas in Pakistan, but this year the demand-supply shortfall will be greater on the back of higher consumption and diminishing indigenous supply, authorities believe.
A source in Pakistan LNG Ltd. (PLL), which handles LNG imports, told Reuters that six spot cargo purchases for delivery in December would be the most in a single month by the country.
An advertisement by PLL said the country was seeking the cargoes, each of 140,000 cubic meters, in six delivery windows and Nov. 2 is the deadline for submission of bids.
Pakistan has long term LNG agreements in place, including one with Qatar, but has also been active on the spot market since August.
The country has advertised tenders for delivery of two cargoes in August, three in September, two in October and three in November.
In a press conference last week, Pakistan’s Minister for Petroleum Nadeem Babar said the country was headed toward a major gas shortfall in December and January, and blamed dwindling indigenous gas supply and rising demand.
He added that there had been a lack of local exploration licenses granted by the previous government, and while new gas discoveries were found, they were small in size. He said his government would advertise more exploration licenses this month.
According to a report put out in August by the Oil and Gas Regulatory Authority increased demand had resulted in natural gas availability constraint.
The main consumer of natural gas was the power sector, which consumed 38%, while the domestic sector was at 22% and fertilizer 16%.
Up to 45% of Pakistan’s power sector energy mix is based on natural gas, according to the report, which added: “The demand supply gap during FY2018-19 was 1,440 MMCFD, which is expected to rise to 3,684 MMCFD by FY2024-25 and 5,389 MMCFD by FY2029-30.”
Pakistan invites bids for record six LNG spot cargoes for December as gas crisis looms
https://arab.news/g8nhw
Pakistan invites bids for record six LNG spot cargoes for December as gas crisis looms
- December and January see the largest spike in demand for gas in Pakistan
- Country has advertised tenders for delivery of two cargoes in August, three in September, two in October and three in November
Pakistan courts Chinese fintech investment as digital push widens
- Fintopia delegation explores digital lending, SME finance opportunities in Pakistan
- China’s vast fintech ecosystem contrasts with Pakistan’s fast-growing, underbanked market
ISLAMABAD: Pakistan is seeking to attract Chinese fintech investment as it accelerates a broader push to expand digital finance, improve access to credit for small businesses and modernize its largely cash-based economy, the information ministry said on Thursday.
The move was underscored during a meeting in Islamabad between Federal Minister for the Board of Investment Qaiser Ahmed Sheikh and a delegation from Fintopia China, a financial technology firm exploring potential entry into Pakistan’s digital finance market. The outreach comes as the government places increasing emphasis on technology-led growth and foreign investment, particularly in financial services, amid efforts to boost financial inclusion and support small and medium-sized enterprises. Pakistan has in recent years expanded branchless banking, digital wallets and mobile payment systems, while also rolling out regulatory reforms aimed at improving the ease of doing business.
Fintopia is a China-based financial technology group that operates digital lending and consumer finance platforms across several emerging markets, according to company information. China hosts one of the world’s largest fintech ecosystems, driven by mass adoption of mobile payments, digital credit and data-driven financial services, while Pakistan’s fintech sector, though far smaller, has grown rapidly as smartphone use rises and demand for digital financial services expands.
“The delegation expressed keen interest in initiating its digital financing venture in Pakistan and in exploring structured collaboration with relevant public and private sector stakeholders,” the information ministry said, quoting minister Sheikh.
The meeting between Sheikh and the Fintopia China delegation took place in Islamabad and followed the company’s participation in a Pakistan-China business-to-business investment conference held in Beijing in September during Prime Minister Shehbaz Sharif’s visit to China, according to the ministry.
During the talks, Pakistani officials highlighted the country’s market potential, noting that Pakistan is the world’s fifth most populous nation and presents growing opportunities for digital financial services, particularly for small businesses and youth-led enterprises. The delegation was briefed on government reforms, including the Business Facilitation Center and the Asaan Karobar Act, aimed at reducing regulatory hurdles for investors.
Officials also outlined investment incentives available in Pakistan’s special economic zones and reiterated government support for foreign companies seeking to launch pilot projects or long-term digital financing operations in the country, the ministry said.
Pakistan has repeatedly described technology and digital finance as central to its long-term economic strategy, as it seeks to widen the tax base, formalize the economy and improve access to credit for underserved segments of the population.
