Pakistan LNG Seeks New Cargo After Rejecting Costly Bid
Pakistan LNG Limited has issued a fresh tender to buy an LNG cargo after rejecting the only bid received from … Read More The post Pakistan LNG Seeks New Cargo After Rejecting Costly Bid appeared first on ProPakistani .
Pakistan LNG Limited has launched a new tender to purchase an LNG cargo, following the rejection of a single bid submitted by BP Singapore at $26.969 per MMBtu, which the company deemed excessively costly. The tender is for approximately 140,000 cubic meters of LNG and is set to open for bids on Friday. According to senior officials from the Petroleum Division, the delivery of this cargo is necessary between September 8 and 12.
The rejection of BP Singapore's bid was due to it quoting $26.969 per MMBtu, a price that officials considered to be significantly higher than the current international LNG price of around $23.18 per MMBtu. This fresh tender comes at a time when Pakistan is under increasing pressure to secure additional LNG supplies due to ongoing power outages in various regions of the country.
Pakistan entered the international spot market for LNG after an LNG shipment from Qatar, originally scheduled for August 25 and 26, did not occur. Furthermore, rising tensions surrounding the Strait of Hormuz due to the ongoing US-Iran conflict have added uncertainty to LNG availability, shipping, and prices in the Gulf region.
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