KARACHI: The Energy Ministry and Pakistan LNG Ltd (PLL) Pakistan on Wednesday announced the successful procurement of a second LNG cargo from the State Oil Company of the Azerbaijan Republic (SOCAR).
According to a statement from the Energy Ministry and Pakistan LNG Ltd (PLL) secured LNG cargo from SOCAR, which is scheduled for delivery next month.
Earlier, Pakistan had purchased a liquefied natural gas shipment for January delivery to address fuel deficit this winter.
In July last year, Pakistan had signed a landmark framework agreement with Azerbaijan for LNG procurement on concessional flexible terms.
Pakistan LNG Limited (PLL) has awarded tender to Oman’s OQ Trading for a spot LNG cargo to be delivered in January.
State-run PLL has secured the shipment at a price premium to the spot market due in part to Pakistan’s credit risk, sources said.
Pakistan had struggled to procure spot LNG cargoes after global prices spiraled up last year following Russia’s invasion of Ukraine.
The PLL had earlier invited international suppliers for the supply of one LNG cargo on a Delivered Ex-Ship (DES) basis at Port Qasim, Karachi.
PLL has been mandated by the government to import and sell natural gas, LNG and re-gasified LNG.
It procures LNG from international markets and enters into onward arrangements for the supply of gas to end users, managing the whole supply chain of LNG.
