On Wednesday, Pakistan announced the successful acquisition of a second LNG cargo from the State Oil Company of the Azerbaijan Republic (SOCAR).
Pakistan buys second LNG cargo: The statement asserts that Pakistan LNG Ltd (PLL) and the Energy Ministry obtained an LNG cargo agreement with SOCAR.
Next month is when the cargo is supposed to be delivered.
Pakistan and Azerbaijan struck a historic framework deal in July of last year for the flexible purchase of LNG.
To address its fuel shortage this winter, Pakistan also placed an order for a shipment of liquefied natural gas, scheduled for delivery in January.
Pakistan LNG Limited (PLL) has awarded a contract to Oman’s OQ Trading for the delivery of a spot LNG cargo in January.
Owing in part to Pakistan’s credit risk, state-run PLL was able to secure the shipment at a price higher than the spot market, according to sources.
Following Russia’s invasion of Ukraine last year, worldwide LNG prices rose, making it difficult for Pakistan to get spot cargoes and causing major power disruptions.
Previously, the PLL had issued a request for proposals to foreign vendors for the delivery of a single LNG cargo at Port Qasim, Karachi, on a Delivered Ex-Ship (DES) basis.
The government has given PLL authority to import and market LNG, regasified LNG, and natural gas.
It purchases LNG from global marketplaces and makes subsequent agreements for the delivery of petrol to final consumers, overseeing the entire LNG supply chain.
