Pakistan to tap spot cargoes after long-term LNG suppliers bail

KARACHI: Pakistan is seeking to buy liquefied natural gas (LNG) cargoes from the spot market after two long-term suppliers failed to fulfill commitments to deliver shipments in March, Bloomberg reported on Friday while citing “people with knowledge of the matter”.

Pakistan LNG Ltd has issued a tender for two cargoes to be delivered next month, the international news agency said. Two suppliers, Eni SpA and Gunvor Group Ltd, recently informed Islamabad about their inability to deliver cargoes scheduled for March, Pakistan LNG Ltd told Bloomberg.

A global energy crunch has resulted in LNG spot prices surging to levels that are too high for cash-strapped nations like Pakistan. The South Asian nation purchased its most expensive LNG cargo ever in November after a similar cancellation and has avoided additional purchases since then.


TN Media News