ISLAMABAD – Web Desk: Pakistan has approved the purchase of an emergency liquefied natural gas (LNG) cargo at $18.4 per million British thermal units (mmBtu) to support electricity generation, while rejecting two other bids for May delivery.
Pakistan LNG Limited had received four expensive bids ranging between $17.998 and $18.880 per mmBtu for three cargoes. TotalEnergies reduced its bid for a late-April cargo to $18.4 per mmBtu, which was accepted by authorities.
However, officials rejected offers from Vital Bahrain and OQ Trading for May cargoes in the hope that the Strait of Hormuz will reopen soon. Authorities believe that reopening the strategic waterway would enable Pakistan to arrange four cheaper LNG cargoes from Qatar.
