Pakistan Seeks Spot LNG Cargoes to Ease Energy Crisis
Pakistan has issued two tenders seeking spot liquefied natural gas (LNG) cargoes for the first time in nearly a year. The tenders are a sign that the country is struggling to meet its energy needs amid rising global LNG prices.
The first tender seeks six cargoes to be delivered to Port Qasim in Karachi in October and December. The second tender seeks three cargoes to be delivered in January and February.
Pakistan is dependent on gas for power generation, and the country has faced widespread power outages in recent months due to a shortage of LNG. The high prices of spot LNG have made it difficult for Pakistan to procure the cargoes it needs.
The tenders come as Pakistan is also facing a financial crisis. The country’s foreign exchange reserves have fallen to a record low, and the government is struggling to pay for imports.
The government has said that it is working to secure additional long-term LNG contracts at lower prices. However, it is unclear when these contracts will be finalized.
In the meantime, the government is hoping that the spot LNG cargoes will help to ease the energy crisis in the short term.