Pakistan’s LNG import bill is expected to reach $1.29 billion from November 2026 to February 2027 as winter demand and disruptions to Qatari supplies force the country to buy more expensive gas from the spot market.
The projected bill averages about $322.5 million across the next four months.
The government plans to import 22 LNG cargoes, including 12 from Qatar and one from Eni under long-term contracts, while purchasing 10 from the spot market. The spot purchases are estimated to cost $863 million, with each cargo priced at $86.3 million, roughly twice the cost of LNG from Qatar
Long-term contracts are expected to cover $429.83 million of the projected winter import bill, including 11 cargoes from Qatar worth $351.41 million and one cargo from Eni valued at $78.42 million in January.
The import bill is expected to peak in January 2027, when eight cargoes will push monthly costs to $437.32 million. December’s LNG import bill is projected at $369 million, reflecting the higher cost of spot market purchases.
The procurement plan was discussed at a meeting of the government’s energy task force this month. Officials assessed that winter demand would require additional LNG supplies between November and February, with public sector entities planning to secure roughly half of the requirement through existing long-term contracts.
Pakistan State Oil (PSO) and QatarEnergy have two LNG supply agreements. The first covers 15 years, from 2016 to 2031, while the second runs for 10 years, from 2021 to 2031. Both agreements were signed under government-to-government arrangements.
Under these contracts, PSO receives 6.75 million tonnes of LNG, equivalent to 108 cargoes, annually. However, PSO and QatarEnergy earlier agreed to divert 24 cargoes scheduled for 2026 to other destinations because of low domestic demand.
The second contract, signed during the Pakistan Tehreek-e-Insaf government, drew controversy because Pakistan did not require additional LNG at the time, contributing to a market surplus.
PSO and Qatar have recently issued notices to review their LNG contracts, with PSO seeking federal government consent to review its agreement with QatarEnergy. Both contracts are due to expire in 2031. The projected import bill remains subject to actual supply availability, contract quantities, applicable long-term prices and prevailing spot market rates.
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