World News
Pakistan LNG Import Project Stopped
Pakistan has stopped pursuing plans for a liquefied natural gas (LNG) import project, the financial newspaper Business Recorder reports.
"For the time being, the project is in doldrums," said a senior Petroleum Ministry official.
"No further development has been made in this regard after the departure of the former government."
Under former petroleum and natural resources minister Asim Hussain, Pakistan had planned to begin importing LNG from Qatar, but it had been caught up in questions about pricing, with the Pakistani Supreme Court stopping an import contract to the private sector at $17 per million metric British thermal units (MMBTU).
Now, the ministry official said, the country could easily import U.S. LNG at $10 per MMBTU, given that the North American country can produce the fuel at about $4.5 per MMBTU and transportation and other expenses for importing it would add up to about $5.5 per MMBUT.
"The interim government can execute the project if they are willing to do so," the official said.
"However, the domestic situation does not allow decision making by a non-elected government."
Pakistan will elect its next government on May 11.
U.S. and Indian parties recently agreed to a deal that will send 4 million tonnes per year (mtpa) of the fuel to Pakistan's neighbour for 20 years.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 590.00 | 4.00 | 672.50 | 20.00 |
| Rotterdam | 524.00 | 5.50 | 669.50 | 8.00 |
| Houston | 530.50 | 7.00 | 659.00 | 9.00 |
| Fujairah | 581.50 | 12.00 | 758.50 | 6.00 |
| Global 20 Ports Average | 595.50 | 4.50 | 755.50 | 9.00 |
| Global 4 Ports Average | 556.50 | 7.00 | 690.00 | 11.00 |
| Global Average Bunker Price | 641.00 | 4.50 | 811.00 | 5.50 |
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