PLL Buys Two Out of Five LNG Cargoes: Reuters

Pakistan LNG Ltd. bought two Liquified Natural Gas (LNG) cargoes from Trafigura, reported Reuters. It bought one cargo at the rate of $19.8477 per million British thermal units (MMBtu) scheduled for delivery on October 8-9, the report said. It bought the other at $20.2877 per MMBtu for delivery on October 23-24. Pakistan LNG Ltd. had originally issued a tender seeking five cargoes, but the bids placed for the three other cargoes were not awarded. Trafigura and PetroChina International had placed the lowest bids for the tender, Reuters reported. The lowest price PetroChina’s had offered was $20.3888 per MMBtu for a cargo scheduled for delivery on 6-7 November. Gunvor Singapore, Vitol Bahrain and Total Gas & Power also placed bids. Pakistan LNG Ltd. has also issued a tender seeking seven cargoes for delivery in October and November, which is due to close on 8 September. Asia’s spot LNG prices have reached seasonal highs amid a spike in global energy demand, forcing Pakistan to buy cargo at higher and higher prices.