Pakistan LNG Limited has issued a fresh tender to buy an LNG cargo after rejecting the only bid received from BP Singapore at $26.969 per MMBtu, which officials considered too expensive.
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 officials.
PLL had rejected BP Singapore’s bid for the September 4 to 8 delivery window after the company quoted $26.969 per MMBtu.
A senior official said the prevailing international LNG price was around $23.18 per MMBtu, making the bid significantly more expensive.
The fresh tender comes as Pakistan faces increasing pressure to secure additional LNG supplies amid prolonged power outages reported in several 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 amid the US Iran conflict have also increased uncertainty over LNG availability, shipping and prices from the Gulf.
The post Pakistan LNG Seeks New Cargo After Rejecting Costly Bid appeared first on ProPakistani.
