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Pakistan agrees to $21.88 per MMBtu LNG cargo amid supply disruption
The spot LNG purchase covers delivery on July 27-28, with pricing described as Pakistan’s highest since the Iran war began in February.
Pakistan is paying record prices for liquefied natural gas as supply routes tighten and LNG cargoes from its usual supplier have been stranded, OilPrice reports, citing an official source speaking to The Nation.
In the latest tender, state-controlled importer Pakistan LNG Limited accepted an offer from TotalEnergies Gas & Power Limited for a spot cargo delivering July 27-28 at a price of up to $21.88 per million British thermal units (MMBtu).
OilPrice says the $21.88 per MMBtu level is the highest Pakistan has paid for an LNG cargo since the Iran war began in February and has come as the renewed closure of the Strait of Hormuz and the impact on Qatar supply have pushed the country toward the spot market.
The outlet also notes Pakistan has issued several tenders for July delivery so far this month, and that a previous record-high purchase was reported last week at about $20.70 per MMBtu, the most expensive spot LNG cargo price seen in four years.
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