Pakistan purchases more expensive LNG as flows via Strait of Hormuz fail to recover: report

As supplies from Qatar through the Strait of Hormuz remain disrupted, Pakistan bought a liquefied natural gas shipment for delivery later this week at about twice the rate under the Qatari contracts, reported Bloomberg on Monday. TotalEnergies SE sold a cargo for July 10-11 delivery to state-owned Pakistan LNG Ltd. for $17.37 per million British thermal units, read the report, citing traders with knowledge of the matter. It said that the shipment was bought in a tender that closed on Friday. The Strait of Hormuz is a strategically vital waterway located between Oman and Iran, connecting the Mideast Gulf to the north with the Gulf of Oman and the Arabian Sea to the south. Before recent conflicts, approximately a fifth of global crude oil and liquefied natural gas (LNG) supplies, and a significant portion of other commodities like fertilisers, methanol, and sulfur, transited through this chokepoint.