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(Bloomberg) — Pakistan purchased a liquefied natural gas shipment from the expensive spot market for the first time in over two years to ease a shortage caused by the conflict in the Middle East.
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Pakistan LNG Ltd. purchased an LNG shipment from TotalEnergies SE for April 27-30 delivery to Pakistan via a tender that closed on Friday, according to traders with knowledge of the matter. Pakistan opted not to buy two other shipments it was seeking via the same tender, said the traders, who asked not to be identified because the information is not public.
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The move will help in an urgent effort to lift gas supply in Pakistan, which hasn’t received an LNG shipment since early-March because of the closure of the Strait of Hormuz. Pakistan procured nearly all of its LNG from Qatar last year.
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The gas shortage has triggered widespread power outages across Pakistan, posing a significant threat to the country’s economic growth. Four Qatari LNG shipments earmarked for Pakistan have been stuck in the Persian Gulf since the war began in late-February, according to ship-tracking data compiled by Bloomberg.
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TotalEnergies offered the shipment to Pakistan at $18.88 per million British thermal units, according to the traders. That’s more than double the price of a shipment from one of Pakistan’s long-term contract with Qatar, according to Bloomberg calculations.
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LNG prices in Asia are trading about 70% higher than pre-war levels as the halt to Hormuz has throttled about 20% of global supply of the fuel.
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