PetroChina Wins Tender
ISLAMABAD: Pakistan has purchased another spot liquefied natural gas (LNG) cargo for July after Pakistan LNG Limited (PLL) approved the lowest bid received during its latest tender. The purchase reflects a continued rise in spot LNG prices during the month.
According to sources, the LNG cargo was secured at $20.69 per MMBtu. The shipment is scheduled to arrive between July 21 and 22. Meanwhile, PLL opened bids on Tuesday and received offers from two international suppliers.
PetroChina submitted the lowest bid at $20.69 per MMBtu. In comparison, BP Singapore offered $21.37 per MMBtu. After reviewing both proposals, the PLL Board approved PetroChina’s bid for the supply.
LNG Prices Continue Upward Trend
The latest purchase marks the most expensive spot LNG cargo Pakistan has bought so far in July. Moreover, it is the fourth spot LNG cargo acquired for delivery during the month.
Earlier, Pakistan purchased three spot LNG cargoes at lower prices. The first cargo cost $16.73 per MMBtu, followed by another at $17.37 per MMBtu. Subsequently, the country secured a third shipment at $18.23 per MMBtu.
The latest agreement at $20.69 per MMBtu highlights the steady increase in international LNG prices throughout July. Consequently, the rising cost of spot purchases may add pressure to Pakistan’s energy import bill. However, the government continues to secure supplies to meet domestic demand and maintain uninterrupted gas availability during the current season.
