Pakistan’s application to the International Court of Justice is likely to be filed next month
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A case is likely to be heard at the International Court of Arbitration in London next month on Pakistan’s request for non-delivery of LNG despite the agreement, as the foreign company did not supply LNG as per the agreement.
According to sources, due to non-availability of LNG, Pakistan had lost millions of dollars. The foreign company had a 5-year contract for LNG supply till 2022.
According to sources, the contract with the foreign company was equal to 11.62 percent of the Brent price. With the cancellation of LNG cargoes, Pakistan had to buy the most expensive LNG.
According to sources, the foreign company instead of giving the cargo to Pakistan sold it to rich countries at a huge profit.
According to the sources, Pakistan had approached the International Court of Arbitration for the violation of the LNG contract. Pakistan had contracted with two foreign companies for ten cargoes.
According to the sources, both the foreign companies did not deliver the cargoes to Pakistan as per the agreement. Pakistan is in talks with another foreign company to supply the canceled cargo.
According to sources, another foreign company is considering Pakistan’s demand to supply its share of cargo. Another foreign company has a 15-year LNG contract till 2032.
According to sources, there was an agreement with another foreign company for 12.14 percent of the Brent price. Sources further say that currently Pakistan has not approached the International Court of Arbitration against the other foreign company.
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