Pakistan’s LNG Glut Shows the Fragility of Demand in Emerging Markets
The country’s woes signal an inconvenient truth: When the fuel gets expensive, the developing world just stops buying.
A floating storage regasification unit at an LNG terminal in Karachi, Pakistan.
Photographer: Asim Hafeez/BloombergThis article is for subscribers only.
Welcome to Energy Daily, our guide to the commodities markets powering the global economy. Today, Asia energy team leader Stephen Stapczynski says Pakistan’s waning LNG demand is a wake-up call for the industry.
I attended a liquefied natural gas conference in Tokyo a decade ago where Pakistan’s then-energy minister predicted his country would become one of the biggest importers by 2025. The industry celebrated his strategy as it prepared for a new batch of customers in the emerging world.