Islamabad (HRNW)- Pakistan has decided not to purchase LNG spot cargoes for the time being as the country looks toward securing cheaper long-term gas supplies from Qatar. According to sources, Pakistan is hopeful of receiving lower-cost LNG under an existing long-term arrangement, prompting Pakistan LNG Limited (PLL) to reject even the lowest bids received in the global market.
Officials said PLL has formally informed BP Singapore and Total Energies about the rejection of their lowest submitted bids. Sources added that Pakistan is likely to receive two LNG cargoes from Qatar under “term contract” rates, which are expected to be significantly more economical than current spot market prices.
According to reports, LNG from Qatar may be available at a rate of 13.37% of the price of Brent crude oil, while positive indications regarding the availability of additional Qatari cargoes have also been received. These potential shipments are expected to reach Pakistan through the Strait of Hormuz.
Officials noted that the government is actively pursuing strategies to reduce energy costs through affordable imported gas, with a clear preference for long-term contracts over spot market purchases in order to ensure greater price stability and energy security.
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