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Pakistan seeks spot LNG cargoes, inks provide cope with Azerbaijan

by Pakistan Latest News Update

The federal authorities issued two tenders searching for spot liquefied pure fuel (LNG) cargoes for the primary time in almost a yr on Tuesday, whereas additionally saying a deal that can see Azerbaijan present the nation with one LNG cargo per 30 days.

Depending on fuel for energy era and working wanting international trade to pay for imports, the nation has struggled to acquire spot cargoes of LNG after world costs spiked final yr following Russia’s invasion of Ukraine, leaving it to face widespread energy outages.
However Asian spot LNG costs this yr have eased from document highs of $70 per million British thermal items (mmBtu) hit in August, and at the moment are buying and selling beneath $10.
Pakistan LNG, a authorities subsidiary that procures LNG from the worldwide market, has one tender searching for six cargoes on a delivered-ex-ship (DES) foundation to Port Qasim in Karachi in October and December, in keeping with the tenders posted on-line.
The supply home windows are October 5-6, 20-21 and 31, and December 7-8, 13-14 and 24-25. The tender will shut on June 20.
Pakistan LNG’s second tender seeks three cargoes, additionally on DES foundation to Port Qasim, for supply home windows of January 3-4, 28-29 and February 23-24. The second tender closes on July 14.
Pakistan LNG final issued a young searching for 10 spot cargoes in July 2022, however acquired no affords.
Individually on Tuesday, Minister of State for Petroleum Musadik Malik informed a information convention that Azerbaijan will provide an LNG cargo each month to Pakistan at a “cheaper price”.
He didn’t share particulars on the provision deal, however stated {that a} contract had already been signed with Azerbaijan and that it’ll “start soon”.
Pakistan has two long-term provide offers with Qatar, one signed in 2016 for 3.75 million metric tons of LNG a yr, and one other signed in 2021 for 3m metric tons a yr.
It additionally has an annual portfolio contract with ENI for 0.75m metric tons a yr.
In 2022, Pakistan’s imports of LNG slowed to six.93m metric tons for the yr, down from 8.23m metric tons in 2021, in keeping with knowledge from knowledge analytics group Kpler.

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