PSO suspends fuel oil imports as Pakistan turns to LNG
PSO’s fuel oil sales were down 9.4 percent in the third quarter of this year from the same period last year while its LNG sales grew by nearly 50 percent due to higher utilisation of LNG in the power sector, according to PSO’s financial results in October.
PSO, the largest oil marketing company with over 56% market share in Pakistan, had issued a tender last month to import 565,000 tonnes of fuel oil for late December to January delivery, which it later cancelled, said two fuel oil traders.
Deliveries of November and December fuel oil cargoes have also been deferred, according to Reuters sources.
According to Prime Minister Shahid Khaqan Abbasi, the South Asian country could become one of the world’s top-five buyers of LNG with imports topping 30 million tonnes by 2022, up from just 4.5 million tonnes currently.
- AirSial's first Airbus reaches Karachi airport (VIDEO)06:20 PM | 29 Nov, 2020
- ‘Loneliest elephant' Kaavan leave Pakistan for Cambodia today05:42 PM | 29 Nov, 2020
- Gilgit Baltistan Assembly to elect leader of the House on Monday05:10 PM | 29 Nov, 2020
- Pakistan reports 43 new deaths, 2829 fresh cases of COVID-1904:49 PM | 29 Nov, 2020
- Covid-19 in Pakistan: These five cities contributing 70% of total ...04:18 PM | 29 Nov, 2020
- CokeStudio 2020 lineup revealed06:10 PM | 28 Nov, 2020
- Zindagi Tamasha – Pakistan's first Oscar submission04:22 PM | 28 Nov, 2020
- Maryam Nafees tests positive for coronavirus12:01 PM | 28 Nov, 2020
- Three games run better on Xbox Series X compared to PS509:56 AM | 26 Nov, 2020
- Celebs turning 60 in 202007:48 PM | 24 Nov, 2020
- 10 Richest Actresses of All Time09:20 PM | 23 Nov, 2020
- Karachi among 10 cheapest cities to live in 202006:12 PM | 19 Nov, 2020