ISLAMABAD: Pakistan LNG Limited (PLL) has awarded four spot cargoes of which three are for May 2022 and one spot cargo for June 2022.
According to Managing Director/ CEO PLL, Masood Nabi, to efficiently manage the upcoming payments, it is imperative that funds are made available to PLL in a timely manner to retire these international payments and resultantly free up PLL’s LC lines for subsequent spot cargoes.
Keeping in view the current scenario, PPL’s liquidity requirements for May 2022 and June 2022 will be over Rs 25.678 billion for May and Rs 57 billion for June. The PPL will also recover Rs 5.7 billion against May delivery and Rs 13.1 billion against RLNG delivery in June. The PLL will require Rs 1.426 billion per day in May 2022 and Rs 3.1169 billion per day in June 2022.
Managing Director PPL has requested the federal government to issue instructions to relevant stakeholders (SNGPL, Petroleum Division, Power Division, and Ministry of Finance) to ensure that payments are as per PLL’s requirements and are processed in a timely manner.
This week, PLL received the lowest bids from Total Energies Gas & Power for liquefied natural gas (LNG) cargoes for delivery windows for May in response to an emergency tender floated in the international market. However, out of seven, six contract prices were received for LNG cargoes.
Pakistan LNG Limited invites bids for six LNG cargoes
The cargos were sought on an urgent basis after earlier committed cargos were canceled.
The lowest contract price received for a cargo requested for May 1-2 delivery was at $29.67/mmbtu from Total Energies Gas & Power. The second bid for the same delivery window was received from Vitol Bahrain at $29.7920 per mmbtu.
Qatar Energy quoted the lowest bid for May 12-13 delivery at $25.15 per mmbtu and for the June 6-7 delivery window at $27.65 per mmbtu. Total Energies Gas & Power again quoted the lowest bids for the May 17-18, May 27-28 and June 16-17 deliveries at $31.77 per mmbtu, $26.87 per mmbtu and $29.04 per mmbtu.
Copyright Business Recorder, 2022