Pakistan Buys LNG Cargo as Gas Shortfall Forces Fuel Rationing
(Bloomberg) -- Pakistan purchased a liquefied natural gas shipment for January in an effort to reduce a fuel deficit this winter.
State-run Pakistan LNG Ltd. bought the cargo from Oman’s OQ Trading, according to traders with knowledge of the matter. The shipment was secured at a price premium to the spot market due in part to Pakistan’s credit risk, they said.
The fuel will help reduce a supply shortage this winter that has seen further fuel rationing for the nation’s households and industries. Pakistan has struggled to buy LNG from the spot market after Russia’s invasion of Ukraine pushed prices to a record last year.
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