16 °C Prince George's County, US
May 23, 2019

Pakistan Seeks LNG Cargoes As Global Glut Plunge Prices

The state-owned Pakistan State Oil Company has issued two tenders to buy a total of 120 cargoes of Liquefied Natural Gas (LNG) over five years, as LNG prices decline due to a global glut.

The move to place orders at this time will help countries to take advantage of cheap supplies and meeting their domestic demand. Pakistan’s call for cargoes is the biggest seen so far this year, according to a Reuters report.

The seller has to deliver two cargoes a month to a terminal at Port Qasim from January 2016 to December 2020, Pakistan State Oil (PSO) said in tender documents on its website. Both tenders carry a launch date of Monday, although the first one was issued late on Sunday. The tenders will close on December 10 and offers will remain valid until January 15, 2016, it said.

Pakistan has speeded up efforts to secure supplies to bridge the shortfall in supply and gap which reaches nearly 2 billion cubic feet a day during peak winter.

Last month, it signed an agreement with Russia to build $2 billion pipeline that will transport gas from the city of Karachi in southern Sindh to Lahore in the central Punjab province, helping to mitigate shortages in northern parts of the country.

Related articles

Car sales in Pakistan soar to record high

Car sales in Pakistan rose to a record high in the last fiscal year, and the trend is likely to pick up pace as new players plan to enter the market of 200 million people. As many as 218,0000 passengers cars were sold in Pakistan in the fiscal year that ended on June 30, 2016 […]

Pakistan Evinces Interest in FTA With Iran After Sanctions Lifted

Pakistan is interested in negotiating a Free Trade Agreement with Iran in the wake of lifting of sanctions imposed by the United Nations, a Pakistani minister said. Commerce Minister Khurram Dastgir Khan speaking with Iran’s top envoy to Pakistan Mehdi Honardost in Islamabad said a draft for such negotiations can be immediately made available if […]