A Florida, United States, based company has offered minimum quantity of 0.5 million tons of coal to Pakistan per annum on 270 days. It will resolve credit facility against GoP guarantees. The offer has been made by Michael O’Drrick of Spinnaker- Project 1 to Ministry of Energy through a letter of June 13, 2022. M/s Spinnaker- Project 1, LLC, has introduces itself as one of the coal suppliers based in the United States of America with the claim that its team experienced professionals and are able to deliver high quality coal to Port Qasim. As per the stamen proposed by company, Pakistan is currently facing foreign exchange liquidity challenges and therefore financing its imports, especially in the energy sector, could be of benefit. Moreover, in the recent past a number of imported coal-based projects in Pakistan have been shut down due to financing challenges. “The situation we understand has become more alarming world-wide due to escalating prices of various fuels including coal,” said Michael O’Drrick, adding that Pakistan’s economy is also under severe pressure due to ever increasing energy costs. Thus, the credit facility can only be provided under a fully enforceable contract. The quantity of coal can be supplied if the orders for 5,000,000 or more tons can be placed and L/C’s are duly opened prior to the coal being loaded on the train at the mine load-out.
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