Pakistan, Bangladesh Pay $1 Billion More for LNG as Hormuz Stays Closed

Pakistan and Bangladesh are purchasing liquefied natural gas at higher spot market prices due to closure of the Strait of Hormuz, according to reporting by Bloomberg. The shift from long-term contracts to more expensive spot cargoes has increased LNG costs for both nations by approximately $1 billion. The Strait of Hormuz, a major shipping route for energy supplies, remains closed, forcing buyers to source LNG through alternative routes at elevated prices.

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