By our correspondent
ISLAMABAD: Pakistan has rejected bids for spot liquefied natural gas (LNG) cargoes for May amid rising uncertainty in energy procurement and pricing, sources in the Ministry of Energy said on Friday.
The bids were invited by Pakistan LNG Limited (PLL) for two spot cargoes scheduled for delivery between May 12–14 and May 24–26. According to official sources, seven bids were received in total for the two cargoes. The lowest offer for the first delivery window stood at $17.28 per million British thermal units (mmbtu), while the lowest bid for the second window was $16.98 per mmbtu.
However, both lowest bids were rejected by the Pakistan LNG Board, according to officials in the Ministry of Energy. Sources said this was the second time bids for May spot LNG cargoes had been turned down. Officials suggested that the decision was influenced by expectations that Pakistan may be able to secure LNG supplies through long-term arrangements with QatarEnergy at comparatively lower rates.
According to reporting cited from The News, officials familiar with the matter indicated that the move was linked to positive signals from Qatar regarding the potential availability of two LNG cargoes that could be delivered via established shipping routes.
Pakistan last received an LNG shipment on April 30, when the LNG carrier Seapeak Magellan docked at the GasPort terminal and began regasification into the national grid. That cargo, arranged by TotalEnergies at a price of $18.40 per mmbtu, marked the most recent LNG delivery to Pakistan, following an earlier US-origin shipment weeks prior.
