LNG

Pakistan LNG Ltd reportedly accepted a lone bid from TotalEnergies on 20 July, at $21.88 per MMBtu for a cargo nominally delivering on 27 to 28 July. It was the seventh spot purchase since QatarEnergy declared force majeure on 4 March, and the fifth procured for a July delivery window. The four before it cleared successively higher, at $16.74, $17.37, $18.23 and $20.70, the last of which was already the most expensive spot cargo Pakistan had bought since 2022. Not all of the purchased cargoes had berthed at the time of writing, according to our data.

State-owned Pakistan LNG has purchased a cargo for late July delivery at nearly $21.88 per million British thermal units on Monday, its highest price since 2022, Bloomberg reported. In August, Pakistan seeks to buy more cargoes.

State-owned Pakistan LNG Ltd has issued a spot tender seeking a (LNG) cargo for delivery in late July, as Islamabad takes precautions for a longer disruption of shipping through the Strait of Hormuz from its main supplier, Qatar. In addition, Pakistan prepares to buy up to six LNG cargoes in August.

Asian countries are stepping up investment in domestic energy to curb reliance on imported LNG, as energy security overtakes cost following the three-month disruption of the Strait of Hormuz. China, India and Pakistan are accelerating spending on coal, renewables and nuclear power to reduce exposure to LNG imports.

The US-Iran memorandum has been signed by both presidents, ahead of Friday's scheduled ceremony, and commits Iran to clearing Hormuz of mines within 30 days. Yet ADNOC's carriers are holding back: four sit dark off Khor Fakkan, home from earlier delivery runs, even as Qatar's Disha ran the strait in the open just as the deal broke.

At least four LNG tankers have transited through the Strait of Hormuz in recent days, setting sail to Pakistan, India and China, after being held back for almost three months.

The Al Kharaitiyat LNG carrier, loaded at Qatar’s Ras Laffan terminal in early May, has left the Strait of Hormuz and is now en route to Pakistan, according to ship tracking data. Analysts reckon more cargoes may be able to get out.

An US-Iran peace deal resolution is expected “very soon,” Pakistan’s foreign ministry says – which would hit future prices immediately – but physical LNG and oil flows, deliveries, and broader supply normalization would lag by weeks, Rystad Energy cautions.

Pakistan LNG’s emergency tender for spot cargoes is closing today as the state-owned importer seeks urgent deliveries to help meet seasonal peak power demand more than 4,500 MW. Delivery windows for the cargoes are offered for May 12-14 and May 24-26.

Bangladesh and Pakistan are fast-tracking plans to expand nuclear power capacity as disruptions to contracted Qatari LNG deliveries and price spikes expose the risk of heavy reliance on imported gas.