Pakistan LNG invite bids for internal audit services

KARACHI: Pakistan LNG Limited and Pakistan LNG Terminals Limited, both operating under the governance of Ministry of Energy (Petroleum Division), have invited bids for internal audit services to audit the financial statements for the period ended June 30, 2018.

“This would be the third annual audit of the accounts of these companies. The proposals have been received and are under evaluation,” an official said.

Pakistan LNG Terminals Limited (PLTL) has been mandated by the government to manage the implementation of storage and regasification for the country, as such will implement and procure the entire LNG regasification capacities from the existing as well as new LNG terminals at Port Qasim, Gwadar and Sonmiani, etc.

PLTL posted a net loss of Rs105.647 million for the year ended June 30, 2017, 72 percent higher than the loss of Rs61.723 million suffered in the previous year.

Pakistan LNG Limited (PLL) has been mandated by the government to carry out the business of the import, purifying, buying, storing, supplying, distributing, transporting, transmitting, processing, measuring, metering and selling of natural gas, LNG, re-gasified LNG to meet the country’s gas requirements.

In this capacity PLL will procure LNG from international markets and enter into onward arrangements for supply of gas to the end user, thereby managing the whole supply chain of LNG from procurement to end user gas sale agreements.

PLL posted a net loss of Rs79.909 million for the year ended June 30, 2017, seven times higher than the loss of Rs10.026 million suffered in the previous year.

Deloitte Yousuf Adil Chartered Accountants conducted the last audit of the financial statement of both associated companies.

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