Pakistan LNG Seeks New Cargo After Rejecting Costly Bid
Pakistan LNG Limited has issued a fresh tender to purchase an LNG cargo after rejecting the only bid received from BP Singapore at $26.969 per MMBtu.
Pakistan LNG Limited has issued a fresh tender to purchase an LNG cargo after rejecting the only bid received from BP Singapore at $26.969 per MMBtu.
Article outline
- What happened
- The key numbers
- The details
- The bottom line
Key points
- PLL had rejected BP Singapore's bid for the September 4 to 8 delivery window after the firm quoted $26.969 per MMBtu.
- Add ProPakistani to Preferred Sources and see more of our stories in Google Search and Top Stories.
- The new tender is for an LNG cargo of around 140, 000 cubic meters, with bids due to be opened on Friday.
- Senate Panel Tells Govt To Halt IMF Backed Phaseout of Economic Zones.
- Pakistan entered the international spot market after an LNG cargo from Qatar scheduled for August 25 and 26 did not materialize.
In practice, the new tender is for an LNG cargo of around 140, 000 cubic meters, with bids due to be opened on Friday. The cargo is required for delivery between September 8 and 12, according to senior Petroleum Division authorities.
For context, a senior official remarked the prevailing international LNG rate was around $23.18 per MMBtu, making the bid significantly more expensive.
In practice, the fresh tender comes as Pakistan faces increasing pressure to secure extra LNG supplies against the backdrop of prolonged power outages documented in a number of parts of the country.
Pakistan entered the international spot market after an LNG cargo from Qatar scheduled for August 25 and 26 did not materialize. Rising tensions around the Strait of Hormuz against the backdrop of the US Iran conflict have additionally rose uncertainty over LNG availability, shipping and costs from the Gulf. Stay Connected with ProPakistani.
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Taken together, the developments around pakistan LNG Seeks New Cargo After Rejecting Costly Bid point to a situation that is still moving, and the coming days should bring more clarity.
