116/2021 Suit GUNVOR SINGAPORE PTE LTD (Plaintiff) V/S PAKISTAN LNG LIMITED & ANOTHER (Defendant)
Bench: Hon'ble Chief Justice Mr. Justice Muhammad Shafi Siddiqui(Author)
116/2021 Suit GUNVOR SINGAPORE PTE LTD (Plaintiff) V/S PAKISTAN LNG LIMITED & ANOTHER (Defendant) Sindh High Court
Bench: Hon'ble Chief Justice Mr. Justice Muhammad Shafi Siddiqui(Author) Order Date: 13-FEB-23
Procurement of LNG is a complexed but well settled process in international market. It has a limited and defined market and limited suppliers with a constant pressure of fluctuating market prices. The suppliers are never seen at losses and at times poll in windfall gains because of fluctuating market and this is how the system works. Realistically they (LNG supplier) do not end up in losses, unless a senseless decision is made. Pakistan like many other countries has a limited capacity to dock/store and transport LNG. ----The bid bond is an entirely independent contract to the bidding document and is enforced on the basis of the terms indicated in the bid bond. Bid term's validity and enforcement were not discharged on the Gunvor not being declared the most advantageous bidder on the opening of bid but endured itself for the entire period during which the bid remained valid i.e. up to 11.01.2021.