Cancelling Eni Cargoes: Contract Flexibility Meets Soft Offtake

Reuters reported on 4 November 2025 that Pakistan LNG Limited had agreed to cancel 21 cargoes under its long-term contract with Eni. The 2017 contract commits Eni to one cargo a month until 2032. That makes 24 cargoes over 2026 and 2027, so the cancellation removes 21 of them, or 87.5 per cent, on our arithmetic. Pakistan's long-term contracts with Qatar and Eni together cover around 120 cargoes a year, on average nine a month from two Qatari contracts and one from Eni.

Twenty-one cargoes over two years is under a tenth of the roughly 240 contracted cargoes over that period (21 divided by 240 is 8.75 per cent). The cancellation is a sensible use of a clause Pakistan negotiated in 2017, and Eni had reason to accept: as Reuters noted, suppliers typically earn more selling into the spot market than under long-term contracts.