ISLAMABAD – Pakistan has issued an emergency tender to buy two liquefied natural gas cargoes from the spot market after long-term suppliers excused from the shipments scheduled for March, it emerged on Saturday.
The two shipments were booked in November last year at exorbitant price after a similar cancellation occurred amid gas shortage across the country.
According to Bloomberg’s report, two suppliers, Eni SpAand Gunvor Group Ltd., has informed the authorities in Pakistan that they would not be able to deliver LNG cargoes in March.
LNG spot prices have skyrocketed in the spot market due to a global energy crunch, leaving cash-strapped countries like Pakistan in trouble.
“Pakistan is ‘carefully’ analyzing its gas shortage, and will purchase cargoes depending on the prices they receive,” Pakistan LNG said in its reply to Bloomberg. “It’s looking for the cargoes to be delivered between March 2 and March 3 and from March 10 to March 11 … The offers are due on Feb. 22.”
