-- Pakistan has purchased LNG cargo from the spot market for the first time in over two years, as it moves to ease a supply shortfall linked to ongoing conflict in the Middle East, Bloomberg reported on Friday, citing traders familiar with the matter.
State-run Pakistan LNG secured a shipment from TotalEnergies (TTE) for delivery April 27-30 through a tender that closed on Friday. The company declined to award two additional cargoes sought in the same tender.
Pakistan LNG, TotalEnergies and the Pakistani Ministry of Energy did not immediately reply to a request for comment by.
The purchase marks a shift for Pakistan, which has largely relied on long-term contracts, primarily with Qatar, for its LNG needs. The country has not received an LNG shipment since early March following the closure of the Strait of Hormuz, a critical transit route for global energy supplies.
Bloomberg said ship-tracking data indicate that four Qatari LNG cargoes designated for Pakistan have remained stranded in the Persian Gulf since the conflict began in late February.
TotalEnergies reportedly sold the cargo at $18.88 per million British thermal units, more than double the price Pakistan typically pays under its long-term contract with Qatar.
Asian LNG spot prices have surged roughly 70% compared with pre-conflict levels, as the closure of the Strait of Hormuz has disrupted flows representing about one-fifth of global LNG supply, the report said.
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