Islamabad: As the country’s natural gas crisis continues to intensify, Pakistan received bid prices for two batches of LNG cargo from five LNG trading companies in February 2021, with the highest price reaching 32.4888% of Brent crude oil.
This development took place after the first half of January did not receive bids from LNG suppliers. At the time, Nadeem Babar, Special Assistant to the Prime Minister of Petroleum, dispelled his concerns and said that the government had a plan to avoid the gas crisis.
What is the bid?
But Pakistan LNG Limited (PLL) obtained the lowest bids for February 15-16 and February 23-24, 2021 at a price of 20.8483-23.4331% of Brent.
PLL had sought bids for two LNG cargoes and it secured five bids from LNG trading companies out of which Total Company stood disqualified. The remaining four LNG trading companies that qualified for the bids included SOCAR, Trafigura, GUNVOR, and ENOC.
LNG trading company SOCAR gave the lowest bid for February 15-16 for $10.5 per million British thermal unit (mmbtu), while ENOC appeared with the lowest bid for February 23-24 for $11.70 per mmbtu.
Here’s a list of all the bids:
GUNVOR – 25.5666% of Brent for February 15-16 and 23.5666% of Brent for February 23-24
ECNOC – no bid submitted for February 15-16. For February 23-24, it offered a bid at 20.8483% of Brent.
Trafigura – two bids submitted for two time slots with highest prices. It deposited its bid at 32.4888% of Brent for February 15-16 and 25.9777% of Brent for February 23-24, 2021.