The global gas crunch may switch off lights in Pakistan

The global gas crunch may switch off lights in Pakistan

Pakistan only started importing liquefied natural gas (LNG) 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, said in an interview. “It will hit exports, industry and general morale more than anything else. Electricity is not a luxury.”