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A decade ago, Pakistan started preparing for its future after seeing the fuel prices rising in the market. There was a huge investment from Pakistan in Liquefied Natural Gas. But the situation has changed now.
Pakistan (PakistanThere is a shortage of electricity in these days. The Government of Pakistan (Electricity)ElectricityEfforts to save have also been intensified. Meanwhile, on behalf of the European countries, Russia (RussiaTo teach a lesson to ) its fuel imports have been stopped. But the effect of this move of European countries is Pakistan located miles away (Pakistan Electric) also seems to be falling. Due to this, the new government of Pakistan may also be under threat.
A decade ago, Pakistan started preparing for its future after seeing the fuel prices rising in the market. Huge investment was made by Pakistan in Liquefied Natural Gas. Under this, Pakistan signed long-term contracts with Italy and Qatar. The suppliers with whom Pakistan had contracted are now defaulters. However, by not supplying LNG to Pakistan, he is continuously selling it in the European market.
Pakistan spent more money, still dark
The situation in Pakistan is such that to avoid the power crisis and darkness during Eid last month, the government there spent $100 million for a shipment of LNG. This is a record for Pakistan. By the end of July, Pakistan’s LNG expenditure has reached about $5 billion. This is double the expenditure compared to last year. Now power cuts are being done for 12 hours in most areas of Pakistan. Due to this, people are now facing trouble in the scorching heat and heat. At the same time, on behalf of former Prime Minister Imran Khan, people were also asked to protest against the government regarding inflation. Inflation in Pakistan has gone up to 13.8 percent.
European countries pulling LNG
During the ongoing war between Russia and Ukraine, more LNG is being demanded from Europe. So far this year, Europe’s LNG imports have grown by more than 50 percent compared to the same time last year. There is no sign of any shortage in it. Experts say that European countries are pulling PNG from around the world. This means that less LNG will reach the markets of developing countries. Pakistan’s energy crisis has worsened due to increased dependence on LNG and default of suppliers. This is happening with many emerging countries of the world including Pakistan.
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