LNG crisis.
CASH-STRAPPED Pakistan's energy crisis is set to worsen over the next several weeks as it struggles to procure LNG at an affordable rate when little is available in an international market that has been sorely affected by the political fallout of the Russia-Ukraine war.
The global LNG shortages have sent the fuel's price spiralling to record highs. The state-owned LNG Ltd last week scrapped the only, but most expensive offer it has ever received against a tender for four cargoes of LNG for July shipments.
Read more: Pakistan ranks 29th among countries having gas reserves
Qatar had offered an LNG shipment at just below $40/mmBtu, which would have been the priciest for Pakistan if it hadn't rejected it. The most expensive cargo that Pakistan has ever purchased was at $30.65/mmBtu in November 2021. This is Pakistan's third failed attempt to buy LNG cargoes for next month as it faces the threat of an escalation in blackouts that people are already trying to cope with across the country. The earlier two tenders issued in May and June had attracted three offers in total, which were scrapped as none was technically responsive.
Though the government says it is talking to various gas exporters, including Russia, to ease domestic shortages, it has so far not been able to lock any new deal to ease power outages amid surging electricity prices. Spawned by Covid-related supply disruptions and exacerbated by Russia's war on Ukraine, the spike in global energy prices has pushed domestic electricity fuel costs by more than 100pc.
The government plans to raise power tariffs by 47pc from next month to recoup some of the losses being incurred on account of expensive...
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