Pakistan secures 3 bids for spot LNG cargoes

The state-run Pakistan LNG Limited (PLL) on Friday secured three bids at $17.997 to $18.88 per million British thermal units (mmBtu) for delivery between April 27 and May 8.

A total of four bids were received and three were declared the lowest.

For the first delivery window of April 27-30, TotalEnergies submitted the lowest bid of $18.88 per mmBtu. Vitol Bahrain’s bid of $18.54 was declared the lowest for the May 1-7 window, while OQ Trading was declared the lowest bidder at $17.997 per mmBtu for delivery between May 8 and 14.

A day earlier, PLL had floated urgent tenders for the import of three LNG cargos for delivery between April 27 and May 8 amid rising temperatures and power shortfall. Pakistan LNG receives highest bid for cargo supply from April 27 to 30. Bid of $18.88 per MMBTU for LNG supply cargo from April 27 to 30. Bid of $18.54 per MMBTU for LNG supply from May 1 to May 7.

The PLL had set April 24 (Friday) as the deadline for bids to be opened the same day, given the emergent needs to meet power demand, which was short of supply by more than 4,500MW in peak, resulting in six to seven hours of loadshedding.

The tender came following Qatar’s reluctance to send LNG-loaded cargoes stranded in the Gulf due to the closure of the Strait of Hormuz. Qatar’s three LNG cargoes meant for Pakistan had earlier returned from the vital waterway due to security reasons. All three cargoes will carry 140,000 cubic meters of LNG delivered ex-ship (DES). Each cargo to Pakistan of this size typically means around 100 million cubic feet per day (mmcfd).