Pakistan Rejects Expensive LNG Shipment Amid Ongoing Electricity Crunch

Pakistan is facing an electricity crisis after it rejected a liquefied natural gas (LNG) shipment offer from BP Plc due to its high price. The sole bid was $27 per million British thermal units, nearly three times pre-war spot levels.

The emergency tender for a LNG shipment was scrapped by state-owned Pakistan LNG Ltd., which had been seeking a replacement for the supply disrupted by the near-total closure of the Strait of Hormuz. The government deemed the offer too expensive and decided not to proceed with it.