The governments of Pakistan and Malaysia have signed an intergovernmental agreement on LNG supply. The LNG supplies will be delivered to Pakistan and will be ensured by the Malaysian company Petronas, which was competing against Gazprom and managed to secure the deal. The Pakistani government has set up Pakistan LNG to secure LNG deals through open competitive biddings as well as through government-to-government arrangements.
Pakistan intends to reduce the country's energy dependence and satisfy the increasing energy demand. It plans to gradually substitute oil imports with imported gas, including in the transport sector, and has set up an LNG import target of 60 mcm/d by 2018.
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Headline crude prices for the week beginning 10 February 2020 – Brent: US$53/b; WTI: US$49/b
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