Pakistan Pays Highest Spot LNG Price in Four Years as Qatar Supply Falters

State-controlled Pakistan LNG Ltd has bought the most expensive cargo of liquefied natural gas on the spot market in four years as the recent re-escalation of the Hormuz crisis cut off cargoes from its term supplier, Qatar.

The state-owned Pakistani LNG importer has bought a cargo for delivery early next week via a tender that closed on Wednesday. The cargo was bought at a price of about $20. 70 per million British thermal units (MMBtu), traders familiar with the deal told Bloomberg on Thursday.