Pakistan Buys More LNG as Flows Through Hormuz Fail to Recover
(Bloomberg) -- Pakistan bought a liquefied natural gas shipment for delivery later this week, as exports from main supplier Qatar through the Strait of Hormuz remain constrained.
TotalEnergies SE sold a cargo for July 10-11 delivery to state-owned Pakistan LNG Ltd. for $17.37 per million British thermal units, according to traders with knowledge of the matter. The shipment was bought in a tender that closed on Friday.
The purchase marks Pakistan’s second spot gas procurement in two weeks as Islamabad seeks to replace canceled Qatari supplies stuck in the Gulf. While traffic via Hormuz — a key conduit for about a fifth of global LNG supply — has increased since the US and Iran signed an interim peace agreement, flows of the super-chilled fuel haven’t yet recovered to pre-war levels.
Pakistan sourced nearly all of its LNG under long-term contracts with Qatar last year, leaving the South Asian nation grappling with energy shortages after Iran bombed the producer’s facilities early in the conflict. The outages forced Islamabad to buy more expensive fuel on the spot market, with the latest purchase priced at about twice the rate under the Qatari contracts.
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