Pakistan will procure expensive Liquefied Natural Gas at $25.12 per Million British Thermal Unit (MMBtu) from the spot market for the month of March, in a bid to fill the demand-supply gap created by the default of two-term suppliers on their commitments.
Pakistan LNG Limited (PLL) has accepted the bid of Qatar Petroleum Trading for the supply of LNG at $25.12/MMBtu under spot purchase for the month of March, according to official documents seen by ProPakistani.
Following the cancellation of ENI and GUNVOR, the term-suppliers, of their LNG cargoes scheduled for delivery in March, Pakistan LNG Limited (PLL) had last week floated an emergency tender seeking spot purchase of two LNG cargoes for next month.
PLL had sought bids from the international LNG suppliers for spot procurement of two LNG cargoes for the delivery slot on March 2-3 and March 10-11. The last date for closing the bid was February 22, the source said.
In response to the PLL emergency tender, two supplies have submitted their bids for March 10-11 slots, however, no bidder responded to the March 2-3 slot, official document available with the scribe reveal.
For March 10-11 slot ENOC Singapore and Qatar Petroleum Trading Submitted their bids. ENOC Singapore had offered $26.1625/MMBtu, whereas QP Trading offered $25.12/MMBtu, the documents reveal.
Since the lowest commercial offer was made by QP Trading, therefore, it was declared the lowest evaluated bidder. It is worth mentioning here that in November 2021, the country had purchased the most expensive spot LNG cargo at the highest-ever price of $30.6/MMBtu from Qatar Petroleum Trading.
