Vitol offers Pakistan LNG at $23.13/mmbtu for May 17-18 spot cargo

ISLAMABAD: Vitol on Friday offered Pakistan LNG Limited (PLL) a spot cargo sought for a May 17-18 delivery window at $23.13/mmbtu, bid documents shoLwed, as Pakistan continued to seek fuel to meet rising local power demands as summer approaches.

Last week PLL picked up four of seven spot cargoes sought for May and June through tenders, but it did not finalise a cargo for the May 17-18 window, which returned a lowest offer of $31.77/mmbtu from Vitol, an industry source said.

PLL released a fresh tender this week for the May 17-18 window, attracting three offers: Total Energies at $25.2/mmbtu, PetroChina International at $25.23/mmbtu and Vitol Bahrain at $23.1297/mmbtu, bid documents on PLL’s website showed.

Pakistan receives bids as it seeks LNG for May-June

PLL is a public sector entity with a mandate from the government to procure LNG from international markets and manage the supply chain from procurement onwards.

Pakistan has experienced a rise in LNG consumption in recent years, particularly in its power sector as it looks to move away from oil.

Recently, however, the nation of 220 million people has again increased oil consumption after suppliers on long-term contracts have cancelled cargoes in an unstable LNG market.

The country has also been facing an acute energy shortage with government quarters reiterating that the crisis will be resolved soon.