Pakistan took LNG from Europe: had to seriously overpay

Pakistan has not received LNG for almost two months, as the main gas supplier Qatar has stopped deliveries. The Pakistani state-owned company was forced to purchase liquefied natural gas on the spot market, having withdrawn one batch from Europe so far. I had to seriously overpay.

"The first LNG import in two months to Pakistan will be implemented — from the USA," Bloomberg reporter Stephen Stapzhinsky writes in X.

So, the Seapeak Magellan gas carrier carries cargo from the Sabine Pass plant and should arrive in Pakistan by the end of the month.

The reporter noted that Pakistan is sorely short of fuel due to the Iranian war and it has purchased an emergency supply by tender from French TotalEnergies. However, I had to seriously overpay.

According to the journalist, the price was $ 670 per thousand cubic meters, which is twice as expensive as under a long-term contract with Qatar.

At the same time, the price is high for Europe, where the bulk of American LNG is now being sent. On April 27, deliveries for a month in advance are traded in countries The EU is at $551.

The day before, Pakistan held a tender for the urgent purchase of gas.

"The tender was announced after Qatar was unable to send LNG cargoes stuck in The Persian Gulf due to the closure of the Strait of Hormuz. Three LNG shipments destined for Pakistan had previously returned for security reasons," the Pakistani newspaper Dawn wrote.

As EADaily reported, due to the Iranian war, the world market lost supplies from Qatar and the UAE - 20% of all exports, which went mainly to Asian countries. Theoretically, this should provoke a competitive war between Europe and Asia for the remaining volumes. However, poor Asian countries are forced to abandon liquefied natural gas and return to coal, as they cannot afford to pay any prices.