State-owned Pakistan LNG has received a better offer from trader Vitol for one spot cargo in May, as the country looks to secure much-needed supply to fuel its power plants.
To remind, Pakistan LNG launched a prompt tender last week for one spot delivery during the May 17-18 window to secure a better price.
Prior to this tender, the company received an offer for this same delivery window from Vitol with a price of $34.6777/MMBtu as part of a larger tender for six cargoes.
According to Pakistan LNG’s evaluation report dated April 29, Vitol Bahrain, a unit of Vitol, submitted the lowest offer in the new tender with a price of $23.1297/MMBtu.
Besides Vitol, a unit of TotalEnergies offered a price of 25.2000/MMBtu and a unit of PetroChina offered a price of 25.2300/MMBtu, the document shows.
In addition to this tender, Pakistan LNG is inviting firms to submit offers for two spot LNG cargoes in June.
The first window is June 1-2 and the second includes a delivery during June 16-17.
This tender is also related to the six-cargo tender mentioned above where TotalEnergies submitted an offer of 29.0400/MMBtu for the June 16-17 delivery while there were no offers for the June 1-2 delivery.
Pakistan LNG is probably again looking to secure a lower price for the June 16-17 delivery and to get offers for the June 1-2 delivery.
The new tender closes on May 11.