By Gibran Naiyyar Peshimam
ISLAMABAD (Reuters) -Pakistan LNG Limited (PLL) on Thursday picked up four cargoes of liquefied natural gas for May/June delivery out of seven it was seeking via a tender where it received six bids, an industry source said and documents on PLL’s website showed.
PLL, a public sector entity operating under the Pakistani government’s Petroleum Division, invited urgent bids for a May 1-2 cargo delivery after a supplier cancelled on Wednesday. PLL had issued a separate tender for six deliveries in May and June earlier this month.
Pakistan is scrambling to secure LNG, which it mostly uses to generate electricity, with local power consumption increasing as summer approaches.
PLL accepted a bid from Total Energies for the urgent cargo requested for May 1-2 delivery at $29.67/mmbtu, the industry source said.
The source also said PLL picked up two cargoes from Qatar Energy, one for May 12-13 delivery at $24.15/mmbtu and another for June 6-7 delivery at $27.65/mmbtu. PLL also took another cargo from Total Energies for May 27-28 delivery at $26.87/mmbtu.
The two remaining lowest bids received for the six cargoes were by Vitol Bahrain, which quoted $31.77/mmbtu for a May 17-18 delivery, and Total Energies, which quoted $29.04/mmbtu for a June 16-17 delivery, according to bid documents uploaded by PLL on its website.
PLL did not take up these offers, the source said. There was no bid made for the June 1-2 delivery window, according to the documents.
Pakistan’s petroleum division spokesman and PLL did not immediately respond to Reuters’ request for comment.
(Reporting by Gibran Peshimam; editing by David Goodman, Jason Neely and Jane Merriman)
