Pakistan’s seventh spot LNG deal hits record $21.88/MMBtu price

ISLAMABAD: Pakistan has bought its seventh spot LNG cargo since QatarEnergy declared force majeure in March, paying $21.88 per million British thermal units (MMBtu), the highest price it has paid since March 2026.

Ongoing supply disruptions linked to tensions in the Strait of Hormuz have forced Pakistan to rely on expensive spot market purchases Pakistan LNG Limited (PLL) received only one bid for the tender, submitted by TotalEnergies Gas and Power Limited. The bid, priced at $21.88 per MMBtu, was deemed technically and commercially compliant and was accepted.

Pakistan LNG Limited has purchased its most expensive LNG spot cargo by approving the procurement at USD 21.88 per MMBtu. The LNG cargo is scheduled to arrive between July 27 and 28. https://t.co/9bn4EPAaRH

— LNG Global (@lngglobal) July 21, 2026

PLL had invited bids on July 17 for one spot cargo of 140,000 cubic meters, scheduled for delivery during the July 27-28 window. This purchase marks Pakistan’s seventh spot LNG cargo since QatarEnergy’s force majeure declaration earlier this year, underscoring the country’s growing reliance on expensive spot market imports amid ongoing disruptions to its long term supply contract.

The disruptions trace back to March 4, 2026, when QatarEnergy declared force majeure following an attack on its Ras Laffan LNG production complex linked to escalating tensions in the Strait of Hormuz, the disruption has since been extended through August, forcing Pakistan to procure spot cargoes almost weekly to meet domestic gas demand.

Earlier this month, Pakistan awarded another spot cargo to PetroChina International at $20.6999 per MMBtu for July 21-22 delivery, which had been the highest spot price paid since Pakistan returned to the spot market following the regional conflict triggered by U.S. and Israeli strikes on Iran on Feb. 28, 2026.

With the arrival of the latest cargo, Pakistan will have imported 12 LNG cargoes during the current supply period, including seven spot cargoes and five government to government cargoes from QatarEnergy under the long term agreement.

Officials say the shift toward spot procurement has significantly increased Pakistan’s LNG import costs, since spot prices remain well above long term contract rates.

LNG based power generation currently costs around Rs35.5 per unit. In June 2026, LNG fired plants generated 1,480 GWh, accounting for 11.02% of Pakistan’s total electricity output.