TotalEnergies, QatarEnergy place lowest bids in Pakistan spot LNG tender

TotalEnergies and QatarEnergy have submitted the lowest bids in a tender to supply Pakistan with six spot LNG cargoes in May and June.

Four companies took part in the tender, including Vitol Bahrain and OQ Trading, Pakistan LNG’s evaluation report dated April 21 shows.

Pakistan LNG launched this tender last week offering six windows, as the country looks to secure much needed gas to fuel its power plants in times of very high oil and gas prices.

QatarEnergy Trading, a unit of the state-owned LNG giant, submitted the most competitive bid for the May 12-13 delivery with a price of $24.1500/MMBtu. This is also the lowest price offered by the four companies which participated in the tender.

The trading unit of QatarEnergy also placed the most competitive bid for the June 6-7 delivery with a price of 27.6500/MMBtu.

On the other side, French energy giant TotalEnergies submitted the most competitive bids for the May 27-28 delivery with a price of 26.8700/MMBtu, and the June 16-17 delivery with a price of 29.0400/MMBtu.

In addition, Vitol Bahrain, a unit of the energy trader, placed the lowest bid for the May 17-18 delivery offering a price of 31.7780/MMBtu. There were no bids for the June 1-2 delivery.

Second tender

Besides this tender, state-owned Pakistan LNG revealed another tender on April 21 where TotalEnergies submitted the lowest offer for the May 1-2 delivery offering a price of 29.6700/MMBtu.

Reuters reported, citing an unidentified source that Pakistan LNG had decided to take this May 1-2 delivery from TotalEnergies.

As per the other tender, Pakistan LNG chose not to take offer from Vitol for the May 17-18 delivery and from TotalEnergies for the June 16-17 delivery, the agency said.

In a related development, local media reports suggest that Pakistan LNG would seek compensation from term suppliers Eni and Gunvor after the two companies canceled deliveries of several cargoes, prompting the company to source expansive spot LNG supplies.

Pakistan LNG plans to do this through the London Court of International Arbitration (LCIA), according to the reports.

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