Pakistan LNG’s latest spot tender attracts only one bid with very high price

Pakistan LNG has received only one bid for its latest tender seeking a total of four spot shipments for delivery in July.

The state-owned firm launched this tender on June 13 after it scrapped two previous tenders due to technical reasons.

Pakistan LNG offered four windows including July 3-4, July 8-9, July 25-26, and July 30-31.

QatarEnergy Trading, a unit of state-owned LNG giant QatarEnergy was the only bidder and it placed a bid just for one cargo during July 30-31, Pakistan LNG’s report dated June 23 shows.

The trading unit offered a price of $39.8000/MMBtu for the shipment, the report said.

For comparison, PetroChina International Singapore previously submitted the most competitive bid for the June 1-2 delivery and the June 28-29 delivery.

The firm offered a price of $23.968/MMBtu for the first shipment and $22.498/MMBtu for the second shipment, Pakistan LNG previously said.

Pakistan LNG has lately issued several tenders as the country looks to secure much-needed supply to fuel its power plants.

However, the spot prices remained high during this entire year and they further rose in the last two weeks due to reduced flows of Russian gas in Europe and the Freeport LNG outage.

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