Pakistan's dependence on natural gas is turning into a nightmare

Pakistan does get more than half its LNG under long-term contracts, which provides some protection against the volatile spot market

Pakistan only started importing liquefied natural gas six years ago, but its growing dependence on the super-chilled fuel is starting to turn into a nightmare.
 

The surge in global gas prices due to shortages in Europe has pushed Asian LNG to records for the time of year. That’s forced Pakistan to pay the most ever for spot shipments to top up supply under long-term contracts, or even forgo them altogether.

The shortfall means the nation will “definitely” suffer power outages over the winter, Iqbal Z. Ahmed, the chairman of Pakistan GasPort, which owns and operates one of the nation’s import terminals,