Pakistan has said that it is considering to sign a liquefied natural gas (LNG) purchase agreement with various countries including Russia as it seeks to secure supply and ease a crippling shortage.
According to Bloomberg, the Ministry of Energy said in a statement to the news outlet that the government “will go for the most favorable deal.” Pakistan is mulling a government-to-government contract to import the power plant and industrial fuel, according to the statement.
To note, Pakistan had signed two long-term agreements with Qatar for the import of LNG. One agreement was signed in 2015 for 15 years at 13.37 percent slope of Brent while, the second agreement was signed in 2021 at 10.20 percent slope of Brent for 10 years. Currently, LNG prices average around $29 per MMBtu on a spot basis.