Gunvor makes lowest bid in Pakistan LNG tender

Gunvor, one of the world’s largest commodities trading houses, has submitted the lowest bid in a tender to supply Pakistan with two LNG cargoes in November.

The state-owned Pakistan LNG launched the tender in September with the delivery windows from November 8-9 and November 18-19.

Five companies took part in the tender including Gunvor, Posco, PetroChina, Trafigura, and DTX Commodities.

But only Gunvor and Trafigura submitted bids for both of the cargoes, Pakistan LNG’s report dated October 9 shows.

Furthermore, all of the offers are oil-linked, expressed as a percentage of the Brent crude oil price.

Swiss-based trader Gunvor submitted the most competitive bids at 14.2277 percent of Brent for the first shipment and 13.8377 percent of Brent for the second.

The tender winner will deliver the cargo on a DES basis to the Port Qasim, where two Pakistan’s LNG facilities are located.

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.

The country imported 8.10 million tonnes of the fuel last year, a rise of 18.1 percent on year.

Qatar is the largest supplier of LNG to Pakistan but the country also receives chilled fuel from other Middle East producers and suppliers from other regions.

- Advertisements -

Most Popular

Golden Pass LNG contractor Zachry files for bankruptcy

US construction company Zachry said on Tuesday it has filed for bankruptcy, initiating a structured exit from the Golden...

UAE’s Adnoc in Mozambique LNG move

UAE's Adnoc has agreed to buy Galp’s 10 percent interest in the Area 4 concession of the Rovuma basin...

Seatrium secures contract from Hyundai LNG Shipping

Singapore’s Seatrium has secured a contract from South Korea's Hyundai LNG Shipping to repair and upgrade the latter's LNG...

More News Like This

Gunvor in Italian small-scale LNG move

Geneva-based energy trader Gunvor has signed a non-binding deal to buy liquefied natural gas from LNEnergy's planned small-scale LNG...

New LNG carrier joins Celsius fleet

South Korea’s Samsung Heavy Industries has hosted a naming ceremony for one 180,000-cbm LNG carrier it built for Denmark’s...

Gunvor, Pakistan settle LNG supply dispute

Geneva-based energy trader Gunvor has resolved a dispute with state-owned Pakistan LNG over issues related to contracted LNG supplies. "Gunvor...

Glenfarne’s Texas LNG inks long-term supply deal with Gunvor

Glenfarne Group’s Texas LNG, the developer of the planned 4 mtpa LNG export terminal in the port of Brownsville,...