No bids in Pakistan LNG’s tender for December-January spot cargoes

State-owned Pakistan LNG said it received no bids for a recent tender seeking spot LNG cargoes over the December-January period.

The firm launched the tender last month inviting firms to submit bids for a total of eight cargoes for delivery over the period.

However, it said in an evaluation report it received no offers for these cargoes.

Pakistan LNG did not provide any additional information.

Spot LNG prices broke several records lately. S&P Global Platts said last week that the JKM for November had reached $56.326/MMBtu, the highest level for the LNG benchmark for Asian spot LNG since Platts launched it in early 2009.

Prior to this tender, Pakistan LNG sought five spot cargoes over the October-November period.

Energy giant PetroChina and trader Trafigura have submitted the lowest bids in this tender. The prices ranged from $19.8444/MMBtu to $20.9677/MMBtu.

Pakistan has been steadily increasing its LNG imports over the years and the country plans to build several more terminals to cope with gas shortages for power generation.

Port Qasim currently hosts two LNG import facilities both utilizing floating storage and regasification units.

The country’s first terminal started operations back in 2015 utilizing Exclerate’s FSRU while the second floating LNG import facility uses FSRU BW integrity.

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