State-owned Pakistan LNG has received offers for two spot liquefied natural gas shipments from energy trader Trafigura following a recent spot cargo tender.
Pakistan LNG launched this tender on June 20 for three spot cargoes with delivery over January-February 2024.
The firm also issued a tender for six deliveries in October and December, but it received no offers for this tender.
According to an evaluation report released by Pakistan LNG on July 14, Trafigura was the only firm to submit offers for a delivery on January 3-4, 2024 and February 23-24, 2024.
There were no offers for the delivery on January 28-29, 2024.
Trafigura offered a price of $23.4711/MMBtu for the January 3-4 delivery and $22.4722/MMBtu for the February 23-24 delivery, the document shows.
The JKM for September settled at 10.900/MMBtu on Friday, while the JKM for January 2024 settled at 17.255/MMBtu.
This Trafigura offer is the first bid for spot LNG cargoes Pakistan received for its tenders in about a year.
Prior to these two tenders, Pakistan LNG has not issued a tender for cargoes since August last year.
In October last year, Pakistan LNG received no offers for its tender seeking bids for a total of 72 LNG shipments.
Prior to that, it received no bids in July for a tender seeking ten spot cargoes.
Pakistan gets most of its supplies under long-term contracts from Qatar and on the spot market to fuel its power plants, however, last year prices surged and Europe took most of the available spot supplies.
Spot prices dropped considerably this year, prompting Pakistan and other Asian countries to return to buying spot LNG.
Pakistan currently imports LNG via the FSRU BW Integrity which serves Pakistan GasPort’s terminal in Port Qasim, Karachi, and the Energo Elengy facility, served by the FSRU Exquisite.
