Socar, Enoc make lowest bids in Pakistan LNG tender

Units of Azerbaijan’s Socar and UAE’s Enoc have submitted the lowest bids in a tender to supply Pakistan with two LNG cargoes in February.

State-owned Pakistan LNG launched the tender in November with two delivery windows spanning from February 15-16 and February 23-24.

Additionally, five companies took part in the tender including Socar Trading (UK), Emirates National Oil Company (Enoc) Singapore, Total Gas & Power, Trafigura, and Gunvor Singapore.

The bid by Total’s unit did not technically qualify for the tender, Pakistan LNG’s evaluation report dated December 28 shows.

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

The report shows that Socar submitted the most competitive bid at 23.4331 percent of Brent for the first window.

Furthermore, Enoc offered a slope rate of 20.8483% for the second window. The firm did not submit an offer for the first window, according to the report.

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 Port Qasim currently hosts two LNG import facilities both utilizing floating storage and regasification units.

The country’s first terminal started operations back in 2015 utilizing Exclerate’s FSRU while the second floating LNG import facility uses FSRU BW integrity.

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