Pakistan LNG Pakistan procures four LNG cargoes at highest-ever prices
Islamabad; Pakistan, which has been battling a tough economic situation, has procured four liquefied natural gas (LNG) cargoes at the highest-ever rates at $15.19-$15.49 per mmBtu for the month of September, media reports said.
The state-owned Pakistan LNG Limited (PLL) first cancelled the tender of eight cargoes for September and October, arguing that the rates were higher at $13.78 per mmBtu, but now it has procured four cargoes at the highest-ever rates, reports The News International.
The PLL went for a closed tender for the month of September and managed to get the rates for four LNG cargoes at over $15 per mmBtu, which are the highest-ever rates since it started buying LNG in 2015. The government will procure three LNG cargoes from Gunvor and one from PetroChina, reports the Pakistani newspaper.
The government is under tremendous pressure and compelled to buy the cargoes at the highest prices to avoid power load shedding in September, The News International reported.
The government has reacted to the situation and said at present there is an LNG prices crunch in the international market and it is difficult to predict the future trend of the LNG prices.
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