AIRLINK 74.20 Decreased By ▼ -1.10 (-1.46%)
BOP 4.93 Decreased By ▼ -0.01 (-0.2%)
CNERGY 4.34 Decreased By ▼ -0.05 (-1.14%)
DFML 39.78 Decreased By ▼ -1.40 (-3.4%)
DGKC 85.10 Increased By ▲ 1.79 (2.15%)
FCCL 22.43 Increased By ▲ 0.78 (3.6%)
FFBL 31.50 Decreased By ▼ -0.50 (-1.56%)
FFL 9.33 Decreased By ▼ -0.09 (-0.96%)
GGL 10.01 Decreased By ▼ -0.07 (-0.69%)
HASCOL 6.78 Decreased By ▼ -0.04 (-0.59%)
HBL 113.82 Decreased By ▼ -0.18 (-0.16%)
HUBC 139.89 Increased By ▲ 0.79 (0.57%)
HUMNL 11.80 Decreased By ▼ -0.20 (-1.67%)
KEL 4.89 Decreased By ▼ -0.02 (-0.41%)
KOSM 4.38 Increased By ▲ 0.02 (0.46%)
MLCF 37.80 Increased By ▲ 0.29 (0.77%)
OGDC 132.11 Decreased By ▼ -0.74 (-0.56%)
PAEL 24.53 Decreased By ▼ -0.32 (-1.29%)
PIBTL 6.50 Decreased By ▼ -0.10 (-1.52%)
PPL 118.24 Increased By ▲ 0.44 (0.37%)
PRL 25.87 Decreased By ▼ -0.19 (-0.73%)
PTC 13.76 Increased By ▲ 0.04 (0.29%)
SEARL 57.00 Decreased By ▼ -0.25 (-0.44%)
SNGP 66.73 Increased By ▲ 0.23 (0.35%)
SSGC 10.27 Increased By ▲ 0.03 (0.29%)
TELE 8.13 Decreased By ▼ -0.08 (-0.97%)
TPLP 10.76 Increased By ▲ 0.06 (0.56%)
TRG 62.40 No Change ▼ 0.00 (0%)
UNITY 26.65 Decreased By ▼ -0.39 (-1.44%)
WTL 1.36 Increased By ▲ 0.01 (0.74%)
BR100 7,844 Decreased By -1.2 (-0.01%)
BR30 25,286 Increased By 29.9 (0.12%)
KSE100 74,999 Increased By 162.4 (0.22%)
KSE30 24,055 Increased By 50.4 (0.21%)
Markets

ENI unable to deliver Feb LNG cargo to Pakistan, declares force majeure

  • It has a 15-year deal to supply Pakistan LNG with one cargo a month from 2017 to 2032
Published January 26, 2023
Photo: REUTERS
Photo: REUTERS

KUALA LUMPUR: Eni said on Wednesday that the delivery of a liquefied natural gas (LNG) cargo to Pakistan LNG Limited that was scheduled for February has been disrupted due to an event of force majeure.

The Italian major has a 15-year deal to supply Pakistan LNG with one cargo a month from 2017 to 2032.

"February LNG delivery disruption is beyond the reasonable control of ENI and due to an event of force majeure.

Import of LNG: ECC is all set to approve PLL-SOCAR pact

"ENI does not benefit in any way from the situation," said the company in a statement to Reuters.

"All the previous disruptions in LNG delivery suffered by ENI have been caused by the LNG supplier who didn't fulfill the agreed obligations.

Prime International acquires Eni’s business in Pakistan: Hubco

"Also in these cases, ENI did not take advantage or benefit in any way from these defaults and applied all contractual provisions to manage such disruptions."

Pakistan has struggled to procure spot cargoes of LNG amid elevated global gas prices, which spiked to record highs last year following Russia's invasion of Ukraine.

LNG shipments to Pakistan under long-term deals are insufficient to match the country's rising fuel demand. Pakistan LNG, a government subsidiary that procures LNG from the international market, did not immediately respond to a request for comment.

Import of LNG: PLL likely to ink accord with SOCAR

Pakistan imported 9 billion cubic metres (bcm) of LNG last year, according to Refinitiv data, down nearly 20% from 11.2 bcm in 2021.

Comments

Comments are closed.