KARACHI – In a critical move to address the nation’s pressing energy demands, Pakistan has procured the most expensive Liquefied Natural Gas (LNG) spot cargo in its history. Pakistan LNG Limited (PLL) officially approved the purchase at a record-breaking price of $21.88 per MMBtu. Due to limited market participation, the PLL board accepted the single bid submitted by TotalEnergies Gas & Power, marking a steep peak in the country’s recent procurement cycle.
This historic purchase represents the fifth LNG cargo secured for July delivery, capping off a consecutive and sharp rise in import costs. Prior to this, Pakistan acquired four other cargoes for the month with prices steadily escalating from $16.73 per MMBtu in early July, to $17.37 and $18.23 mid-month, and recently reaching $20.69 per MMBtu before this latest record. Energy experts attribute these surging rates to tightening global supply and soaring international market prices, warning that the acquisition will significantly inflate the country’s import bill and elevate domestic energy costs. However, government officials emphasized that despite the extreme financial burden, the timely procurement was absolutely vital to balance the demand-supply gap and prevent a severe energy shortfall.
