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Wednesday, July 24, 2024  
17 Muharram 1446  

Pakistan LNG gets four bids for January import tender

OQ Trading, Vitol, QatarEnergy Trading and Trafigura offer bids
A fisherman stands in his boat as a liquid natural gas tanker (LNG) passes the coast near Havana on June 28, 2009. (REUTERS/File)
A fisherman stands in his boat as a liquid natural gas tanker (LNG) passes the coast near Havana on June 28, 2009. (REUTERS/File)

Pakistan LNG Ltd’s import tender for a liquefied natural gas (LNG) cargo for delivery in January drew bids from OQ Trading, QatarEnergy Trading, Trafigura and Vitol, it said in a notice on Friday.

The state-owned company, which procures LNG from the international market, issued the tender on Monday, seeking the cargo for delivery to Port Qasim, Karachi over January 8 and 9.

OQ Trading, formerly known as Oman Trading International, offered a cargo at $18.46 per million British thermal units (mmBtu), while Vitol offered $18.58/mmBtu.

QatarEnergy Trading and Trafigura quoted $19.43/mmBtu and $19.64/mmBtu respectively.

Pakistan has struggled with spot LNG purchases after Russia’s invasion of Ukraine pushed prices to record highs, leaving the country facing widespread power outages.

Pakistan LNG made its first spot purchase in more than a year in October when it awarded a tender to commodities trader Vitol for the delivery of a cargo in December.

Natural gas accounts for more than a third of power generation in Pakistan but local gas reserves are insufficient to address growing electricity demand.

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