Pakistan has purchased an emergency liquefied natural gas (LNG) cargo from BP at a premium over regional spot prices due to continued disruptions in the global LNG market, reported Bloomberg.
Pakistan LNG Limited bought the cargo for prompt delivery at US$ 16.74 per million British thermal units (mmBtu), roughly US$ 1 above prevailing Asian spot LNG prices, which were trading in the mid US$ 15 per mmBtu range.
The purchase comes as Pakistan seeks to strengthen its gas supplies following disruptions to LNG exports from the Middle East, which have tightened global availability and pushed up prices.
The country has traditionally relied on long-term LNG imports from Qatar, but recent supply constraints have forced it to turn to the spot market for additional cargoes.
Pakistan LNG Limited floated four tenders for prompt LNG cargoes between April and June. Several of those tenders failed to attract acceptable bids after suppliers quoted prices that were considered too high.
Earlier this year, Pakistan also imported an LNG cargo from the United States at US$ 18.40 per mmBtu.
The latest purchase follows an earlier tender issued by Pakistan LNG Limited for deliveries between June 30 and July 4.
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