Pakistan LNG Ltd will be purchasing an LNG cargo at a record high price of $30.6 per million British thermal units (million BTU) to stave off an impending gas crisis in the country.

According to a local media report on Sunday, the state-owned company held an emergency auction on November 2 to seek bids for spot shipments after two LNG traders, ENI and GUNVOR, declined to offer two LNG shipments for the order which were scheduled to be Delivered in November 19-20 and November 26-27.

The report states that PLL received five higher priced bids ranging from $ 29.8966 to $ 31.0566 per million thermal units from international LNG trading companies for two spot LNG shipments delivered in the last 11 days of this month.

PLL has decided to buy the LNG shipment at a price of 30.6 million Btu, while efforts are under way to purchase another LNG shipment to meet the country’s gas demand.

At the same time, attempts are being made to convince LNG companies that have abandoned contracts with PLL to reconsider their decision due to the sharp increase in gas prices on the international market.

The day before, PLL received five costly bids from international LNG traders for an LNG emergency cargo at a price ranging from $ 29.8966 to $ 31.0566 per million British thermal units from international LNG traders for two spot LNG shipments.

There were 19–20 bids for November, lowest price from Vitol, Bahrain, $ 29.8966 per million Btu while Qatar Petroleum put a price of 30.6 500 million Btu.

It can be noted here that Mian Raza Rabbani, leader of the Pakistan People’s Party (PPP), has called for a judicial investigation into the recent LNG delays, stating that Pakistan is on its way to a gas crisis due to government incompetence and non-transparent policies.

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