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• Last week’s default on LNG supply to Pakistan by two foreign state-owned companies (ENOC and SOCAR) proved to be beneficial for Pakistan.
• Pakistan LNG Limited (PLL) has procured LNG spot cargo in the last week of February by securing supply through urgent bids.
• total of 9 LNG cargoes will be available for February. In fact, PLL and SOCAR were engaged in last-minute talks, but the need for cabinet approval for a G2G deal put an end to the process.

Pakistan purchases 22% cheaper LNG Cargo

Pakistan took full advantage of tender default in global market, 22% cheaper cargo was already purchased, Petroleum Division

Last week’s default on LNG supply to Pakistan by two foreign state-owned companies (ENOC and SOCAR) proved to be beneficial for Pakistan, which led to two immediate LNG replacement tenders in the global market. Due to lower prices, Pakistan got 16 to 18 percent lower prices.

According to a spokesman for the Petroleum Division, Pakistan LNG Limited (PLL) has procured LNG spot cargo in the last week of February by securing supply through urgent bids. This LNG cargo has been purchased from Petroleum. It has been purchased 22% cheaper than the first cargo.

A spokesman for the Petroleum Division said Qatar Petroleum would supply LNG on a 16.3 per cent Brent basis. Earlier, the canceled cargo was to be met at 20.84 per cent Brent. Delivery in days.

According to the spokesperson, a total of 9 LNG cargoes will be available for February. In fact, PLL and SOCAR were engaged in last-minute talks, but the need for cabinet approval for a G2G deal put an end to the process.

The Petroleum Division also refuted the claim of former Prime Minister Shahid Khaqan Abbasi that the government should have bought 3 to 5 times more expensive LNG which they still did not get. He had sharply criticized the government’s energy policy and said yesterday that gas was not being supplied to industries and domestic consumers and several hours of gas load shedding was going on.

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