Pakistan seeks to buy LNG spot cargoes after two long-term suppliers cancel 

A liquefied natural gas (LNG) tanker is tugged towards a thermal power station in Futtsu, east of Tokyo, Japan, on November 13, 2017. (REUTERS/File)
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Updated 19 February 2022
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Pakistan seeks to buy LNG spot cargoes after two long-term suppliers cancel 

  • ENI, Gunvor unable to fulfill March deliveries - Pakistan LNG
  • LNG spot prices have been too high for cash-strapped Pakistan

ISLAMABAD: Pakistan is seeking to buy liquefied natural gas cargoes from the spot market after two long-term suppliers weren’t able to fulfill commitments to deliver shipments in March, people with knowledge of the matter told Bloomberg. 

Pakistan LNG Ltd. has issued a tender for two cargoes to be delivered next month. Two suppliers, Eni SpAand Gunvor Group Ltd., recently informed the South Asian LNG importer about their inability to deliver cargoes scheduled for March, Pakistan LNG said in an emailed response to Bloomberg.

A global energy crunch has resulted in LNG spot prices surging to levels that are too high for cash-strapped nations like Pakistan. The South Asian nation purchased its most expensive LNG cargo ever in November after a similar cancelation, and has avoided additional purchases since then.

"Pakistan is 'carefully' analyzing its gas shortage, and will purchase cargoes depending on the prices they receive," Pakistan LNG said in its reply to Bloomberg. "It’s looking for the cargoes to be delivered between March 2 and March 3 and from March 10 to March 11 ... The offers are due on Feb. 22."

Eni’s LNG deliveries to Pakistan were disrupted after its supplier defaulted on obligations for an unspecified reason, the Italian company said in an emailed statement. 

“Eni is evaluating all contractual remedies, including legal actions,” the company said by email. 

Gunvor declined to comment.


India and Pakistan set for World Cup blockbuster as boycott averted

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India and Pakistan set for World Cup blockbuster as boycott averted

  • With bilateral cricket a casualty of their relations, emotions run high whenever the neighbors meet in multi-team events
  • For Pakistan, opener Sahibzada Farhan has looked in fine form but Babar Azam’s strike rate continues to polarize ​opinion

India and Pakistan will clash in the Twenty20 World Cup in Colombo ​on Sunday, still feeling the aftershocks of a tumultuous fortnight in which Pakistan’s boycott threat — later reversed — nearly blew a hole in the tournament’s marquee fixture.

With bilateral cricket a casualty of their fraught relations, emotions run high whenever the bitter neighbors lock horns in multi-team events at neutral venues.

India’s strained relations with another neighbor, Bangladesh, have further tangled the geopolitics around the World Cup.

When Bangladesh were replaced by Scotland in the 20-team field for refusing to tour India over safety ‌concerns, the regional ‌chessboard shifted.

Pakistan decided to boycott the Group A ​contest ‌against ⁠India in ​solidarity ⁠with Bangladesh, jeopardizing a lucrative fixture that sits at the intersection of sport, commerce, and geopolitics.

Faced with the prospect of losing millions of dollars in evaporating advertising revenue, the broadcasters panicked. The governing International Cricket Council (ICC) held hectic behind-the-scenes parleys and eventually brokered a compromise to salvage the tournament’s most sought-after contest.

Strictly on cricketing merit, however, the rivalry has been one-sided.

Defending champions India have a 7-1 record against Pakistan in the ⁠tournament’s history and they underlined that dominance at last year’s ‌Asia Cup in the United Arab Emirates.

India beat ‌Pakistan three times in that single event, including a ​stormy final marred by provocative gestures ‌and snubbed handshakes.

Former India captain Rohit Sharma does not believe in the “favorites” tag, ‌especially when the arch-rivals clash.

“It’s such a funny game,” Rohit, who led India to the title in the T20 World Cup two years ago, recently said.

“You can’t just go and think that it’s a two-point victory for us. You just have to play good cricket ‌on that particular day to achieve those points.”

INDIA’S EDGE

Both teams have opened their World Cup campaigns with back-to-back wins, yet ⁠India still appear ⁠to hold a clear edge.

Opener Abhishek Sharma and spinner Varun Chakravarthy currently top the batting and bowling rankings respectively.

Abhishek is doubtful for the Pakistan match though as he continues to recover from a stomach infection that kept him out of their first two matches.

Ishan Kishan has reinvented himself as a top-order linchpin, skipper Suryakumar Yadav has regained form, while Rinku Singh has settled into the finisher’s role in India’s explosive lineup.

Mystery spinner Chakravarthy and the ever-crafty Jasprit Bumrah anchor the spin and pace units, while Hardik Pandya’s all-round spark is pivotal.

For Pakistan, opener Sahibzada Farhan has looked in fine form but Babar Azam’s strike rate continues to polarize ​opinion.

Captain Salman Agha will bank on ​spin-bowling all-rounder Saim Ayub, but the potential trump card is off-spinner Usman Tariq, whose slinging, side-arm action has intrigued opponents and fans alike.