finance
Pakistan Buys Spot LNG Cargo at Highest Price in Four Years
State-controlled Pakistan LNG Ltd purchased one cargo at about $20.70 per MMBtu via a tender that closed Wednesday. Delivery is scheduled for early next week.
Jul 16, 7:30 AM·1m read1 source
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Pakistan LNG Ltd bought one liquefied natural gas cargo on the spot market at approximately $20.70 per million British thermal units. OilPrice.com reported that the tender closed on Wednesday and the cargo is due for delivery early next week. The price marks the highest Pakistan has paid for spot LNG in four years.
OilPrice.com stated the previous peak occurred in 2022. Pakistan LNG Ltd is state-controlled and has historically received nearly all its LNG from Qatar under long-term fixed contracts. OilPrice.com reported that recent disruptions in the Strait of Hormuz cut off those term supplies and forced the spot purchase.
Traders familiar with the deal spoke to Bloomberg on Thursday. OilPrice.com noted that Pakistan has issued multiple spot tenders this year after earlier Hormuz-related interruptions.
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