Pakistan LNG Ltd (PLL) received bids from commodity traders Vitol and Trafigura for their latest tender, seeking two cargoes for delivery in December, said two sources with knowledge of the matter.
One of the sources said that PLL received bids from both Vitol and Trafigura for the December 7-8 delivery window at $15.97 per million British thermal units (mmBtu) and $18.39 mmBtu, respectively.
PLL received one bid from Trafigura at $19.39/mmBtu for the Dec. 13-14 delivery window.
When reached for comment, Vitol said it does not comment on commercial activity. Trafigura did not immediately respond to a request for comment.
Last week, PLL, a government subsidiary that procures liquefied natural gas (LNG) from the international market, issued a tender seeking two LNG cargoes on a delivered-ex-ship (DES) basis to Port Qasim in Karachi in December.
The tender closed on October 4 (today).
PLL has been mandated by the Pakistan government to carry out the business of importing, buying, storing, supplying, distributing, transporting, transmitting, processing, measuring, metering and selling natural gas, LNG and re-gasified LNG.
In its capacity, PLL procures LNG from international markets and enters into onward arrangements for the supply of gas to end users, thereby managing the whole supply chain of LNG from procurement to end users.
Dependent on gas for power generation, the country has struggled to procure spot cargoes of LNG after global prices spiked last year following Russia’s invasion of Ukraine, leaving it to face widespread power outages.
Back in June, PLL failed to secure offers for six cargoes on a DES basis for October and December delivery to Port Qasim.