Pakistan Rejects Costly LNG Cargo as Blackout Risk Deepens

AI Summary

Pakistan refused a costly LNG cargo priced three times higher than pre-war levels, risking extended rolling blackouts amid an energy crisis. After rejecting BP's offer at nearly $27/MMBtu, Pakistan LNG Limited issued a fresh tender to find a more affordable option.

Pakistan may have to extend rolling blackouts after it refused to pay three times the pre-war price for an LNG cargo, which was the only offer its latest emergency tender drew. The single cargo, offered by BP, was priced at $27 per million British thermal units, Bloomberg reported, citing unnamed trading sources. “The international LNG price is around $23.18 per MMBtu, whereas the bid received was $26.969 per MMBtu. The price was considered too high, so a fresh tender has been issued,” a senior Pakistan LNG Limited executive said, as…