PLL sent urgent bids for the import of three LNG cargoes covering the delivery window from 27 April to 14 May
ISLAMABAD:
After securing several short-term supply bids, the Pakistan LNG Limited (PLL) board on Saturday approved the purchase of a liquefied natural gas (LNG) cargo from the spot market scheduled to arrive in Pakistan on April 30.
According to official details, PLL submitted urgent bids for the import of three LNG cargoes covering the delivery window from 27 April to 14 May. In response, it received four bids, three of which were declared the lowest for different delivery windows.
For the first delivery window 27-30 In April, TotalEnergies submitted the lowest bid, which the PLL board approved, at a price of USD 18.88 per million British thermal units (mmBtu).
The approved load, which transports approx. 140,000 cubic meters of LNG, will be delivered on a delivered ex-ship (DES) basis and is expected to reach Pakistan on April 30. For the subsequent delivery windows, Vitol Bahrain offered the lowest bid of $18.54/mmBtu for the period 1-7. May, while OQ Trading of $7mmtu.9 made the lowest bid of $7mmtu. 8-14 window. Despite the lowest offers, however, the PLL board decided not to approve these bids.
PLL had issued the tender amid heightened uncertainty in global LNG supply, particularly following Qatar’s reluctance to send LNG cargoes stranded in the Gulf due to the closure of the Strait of Hormuz.
Three LNG cargoes from Qatar originally destined for Pakistan had earlier turned back from the vital waterway due to security concerns, complicating supply arrangements.
Last month, the Oil and Gas Regulatory Authority (Ogra) announced a significant 19-22 percent increase in the price of regasified liquefied natural gas (RLNG), raising it to between $12.50 and $14/mmBtu for distribution by the two Sui gas companies during March.
PLL, one of the main public entities responsible for LNG imports, did not import any cargo last month.
