Fuel suppliers fight shy of cash-starved Pakistan

Pakistan has failed to buy LNG from international markets in its first attempt in around a year as suppliers have not responded to the cash-strapped country’s tenders to purchase six shipments for October-to-December delivery. Bloomberg cited traders with knowledge of the matter to report that several overseas banks weren’t accepting letters of credit -- a pledge by a lender to repay funds if the buyer can’t – from Pakistani counterparts to purchase LNG, making suppliers reluctant.

from Times of India https://ift.tt/zwUAQuN