ISLAMABAD: Setting a new record, state-owned Pakistan State Oil (PSO) bought a cargo of liquefied natural gas (LNG) at $20.55 per unit, making it not only the country’s most expensive purchase but also the second most expensive in the world.
According to the PakPapers, this came at a time when the government was justifying the purchase of $15.5 per million British thermal units (MMBTU) by another state-owned company, Pakistan LNG Limited (PLL), saying that it is cheaper than alternative fuel.
The average sale price of LNG for August (excluding GST) by the Oil and Gas Regulatory Authority (OGRA) was $13.61 per tonne as a result of the two companies obtaining expensive LNG cargo through the spot market. The MMBTU was 5.5 percent higher than the July price and 25 percent more expensive than the June price.
Both PSO and PLL have stopped publishing their purchase rates for a long time, but the government has never recognized this $20.05 per unit cargo.
However, the LNG price notification for August shows that PSO purchased 140,000 cubic meters (3.2 million units) of cargo at $20.0555 per unit or 27.8615 percent of Brent.