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Pakistan Seeks LNG Spot Cargoes for First Time in Nearly 12 Months

After a gap of almost a year, Pakistan has issued two tenders seeking spot cargoes of liquefied natural gas (LNG).

The tenders have been floated by the government subsidiary Pakistan LNG, a company that procures LNG from the international market. In the first tender, Pakistan LNG is seeking six cargoes on a delivered-ex-ship (DES) basis to Port Qasim in Karachi in October and December with delivery windows of October 5-6, 20-21, and 31, and December 7-8, 13-14 and 24-25. The tender will close on June 20.

The second tender seeking three cargoes, also on a DES basis to Port Qasim, has delivery windows of January 3-4, 28-29, and February 23-24. The second tender closes on July 14.

The company last issued a tender seeking 10 spot cargoes in July 2022. However, no bids were received in response.

Pakistan struggled to procure spot LNG cargoes last year after global prices rose to record levels after Russia’s invasion of Ukraine. Asian spot LNG prices have eased this year from record highs of August last year. The low LNG prices have likely resulted in Pakistan floating the two tenders.

The country has two long-term supply deals with Qatar, one signed in 2016 for 3.75 million metric tons of LNG a year, and another signed in 2021 for 3 million metric tons a year. Pakistan also has an annual portfolio contract with ENI for 0.75 million metric tons a year.

Source: Pro Pakistani