Pakistan looking to sign LNG import agreement with countries including Russia

MG News | May 26, 2022 at 03:34 PM GMT+05:00

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May 26, 2022 (MLN): Pakistan is considering signing a long-term liquefied natural gas (LNG) purchase agreement with various countries including Russia as it seeks to secure supply and ease a crippling shortage, Bloomberg reported today.

The government “will go for the most favorable deal,” the Ministry of Energy said in a statement to Bloomberg News. Pakistan is mulling a government-to-government contract to import the power plant and industrial fuel, according to the statement.

To note, Pakistan had signed two long term agreements with Qatar for the import of LNG. One agreement was signed in 2015 for 15 years at 13.37% slope of Brent while, the second agreement was signed in 2021 at 10.20% slope of Brent for 10 years.

Currently, LNG prices average around $29/ MMBtu on a spot basis.

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