Pakistan State Oil (PSO) has issued an explanation regarding the purchase of expensive LNG, saying neither the PSO has cancelled any cargo deal nor it has taken any decision yet regarding bidding for September, reported 24NewsHD TV channel on Sunday.

The PSO made it crystal clear that it had undertaken the LNG spot buying keeping in view the requirements.

The PSO officials said under the long-term agreement four cargoes were purchased and as per the spot buying two cargoes were acquired.

The officials said they had planned in advance the LNG buying keeping in view the coming winter season. It was planning to meet the growing gas demand with the cheap LNG, they added.

They said in total under the long-term accord 28 cargoes were purchased instead of 20. They bought the LNG keeping in view the country’s needs and market situation.

The PSO officials said the bids received for the month of September will be forwarded to the PSO Board. They have saved funds by purchasing cheap LNG during the current month.

Reporter Awais Kiyani