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Pakistan buys costliest July LNG spot cargo at $21.88/MMBtu

PLL awards July 27-28 cargo to TotalEnergies after receiving a single bid, extending the steady rise in spot LNG procurement costs

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Haris Zamir

Business Editor

Experience of almost 33 years where started the journey of financial journalism from Business Recorder in 1992. From 2006 onwards attached with Television Media worked at Sun Tv, Dawn Tv, Geo Tv and Dunya Tv. During the period also worked as a stringer for Bloomberg for seven years and Dow Jones for five years. Also wrote articles for several highly acclaimed periodicals like the Newsline, Pakistan Gulf Economist and Money Matters (The News publications)

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Pakistan buys costliest July LNG spot cargo at $21.88/MMBtu

Pakistan approves USD 21.88/MMBtu LNG spot cargo amid rising global prices

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Pakistan has purchased its most expensive liquefied natural gas (LNG) spot cargo for July, with the board of Pakistan LNG Limited (PLL) approving the acquisition at USD 21.88 per million British thermal units (MMBtu), according to sources familiar with the matter.

The cargo, scheduled for delivery on July 27-28, was awarded to TotalEnergies Gas & Power, the sole bidder in PLL's tender for the fifth LNG spot cargo for July, the sources said.

The purchase is the highest-priced LNG spot cargo Pakistan has secured for July so far, reflecting a steady increase in procurement costs amid tightening global market conditions.

PLL received only one bid in response to the tender, with TotalEnergies Gas & Power offering USD 21.88/MMBtu, which was subsequently approved by the company's board, the sources added.

Pakistan has now procured five LNG spot cargoes for July. The earlier purchases were made at progressively higher prices:

  • USD 16.73/MMBtu for delivery on June 30-July 4
  • USD 17.37/MMBtu for delivery on July 10-11
  • USD 18.23/MMBtu for delivery on July 15-16
  • USD 20.69/MMBtu for the previous cargo, purchased two days earlier
  • USD 21.88/MMBtu for delivery on July 27-28, the latest and most expensive purchase

The steady increase in LNG spot prices highlights the rising cost of fuel imports for Pakistan as the country turns to the international spot market to meet peak summer gas demand.

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