Pakistan’s demand for liquefied natural gas (LNG) will nearly triple in five years, reported Bloomberg.
The country will require 25 cargoes of LNG on a monthly basis by then, according to the chief executive officer of the Petroleum Institute of Pakistan (PIP) Shehryar Omar.
He recently made these remarks at the World Petroleum Congress in Calgary.
Shehryar said that from January onwards, the country will import 10 cargoes of LNG per month, including one from Qatar, which currently sources the majority of its shipments.
It bears mentioning that Pakistan has struggled to procure the required volume of LNG to meet its needs since the Russia-Ukraine war. The resultant gas shortages have increased in various sectors and households since then, creating more problems than the country can handle.
While the Government of Pakistan has eased trade restrictions, global LNG suppliers still have several reservations about the country’s credit risk and other factors. Some are willing to offer fuel shipments but at pricey rates, while others refrain from penning any deals due to uncertainty pertaining to the opening of letters of credit and the availability of US Dollars.