Vitol, PetroChina place lowest bids in Pakistan LNG tender

Vitol Bahrain and PetroChina have submitted the lowest bids in a tender to supply Pakistan with two spot LNG cargoes in April-May.

Four companies took part in the tender, including TotalEnergies and Enoc Singapore, Pakistan LNG’s evaluation report dated March 25 shows.

Trader Vitol submitted the most competitive bid for the April 21-22 delivery, while state-owned energy giant PetroChina submitted the lowest bid for the May 14-15 window.

Vitol offered a price of $34.6777/MMBtu. PetroChina priced its cargo at $33.5300/MMBtu, the document shows.

Pakistan launched this tender on March 17. According to local media reports, term supplier Gunvor canceled deliveries of four LNG cargoes for delivery in April-June.

Earlier this year reports also said that Gunvor and Eni had canceled deliveries of two March LNG cargoes.

The JKM spot LNG price surged to a new record of $59.672/MMBtu in March over tight supply due to the Russia-Ukraine war. Europe is attracting a huge amount of LNG shipments, mostly from the US.

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.

- Advertisements -

Most Popular

Samsung Heavy to sue Russia’s Zvezda over LNG carrier contract termination

South Korean shipbuilding giant Samsung Heavy Industries said it will sue Russian shipbuilder Zvezda after the latter decided to...

LNG freight rates, European prices climb

Spot charter rates for the global liquefied natural gas (LNG) carrier fleet and European prices increased this week compared...

Excelerate says Bangladesh FSRU to resume ops by end of July

US-based Excelerate Energy expects its FSRU Summit LNG, which serves Bangladesh’s second LNG terminal located offshore Moheshkhali Island in...

More News Like This

PetroChina delivers LNG cargo to PetroVietnam Gas

PetroVietnam Gas, a unit of state-owned PetroVietnam, has received a liquefied natural gas cargo from PetroChina International at its...

Hudong-Zhonghua delivers Cosco’s LNG carrier

Chinese shipbuilder Hudong-Zhonghua has handed over the 174,000-cbm LNG carrier, Huashan, to compatriot Cosco Shipping Energy Transportation. The LNG carrier...

Vitol extends LNG supply deal with South Korea’s Komipo

Energy trader Vitol has extended its existing liquefied natural gas (LNG) supply deal with Korea Midland Power (Komipo). The original...

PetroVietnam Gas says Thi Vai terminal gets third LNG cargo

PetroVietnam Gas, a unit of state-owned PetroVietnam, has received the third liquefied natural gas cargo at its Thi Vai...