PetroChina shortlisted for February 2020 LNG supply

KARACHI: Pakistan LNG Limited (PLL) has shortlisted PetroChina International Singapore for supply of, 140,000 cubic meters LNG cargo to be supplied in February 2020.

PetroChina International Singapore offered the price at 8.594 percent of Brent crude for the cargo to be delivered on February 16-17, 2019.

Four companies including Gunvor Singapore, SOCAR Trading, PetroChina International and Trafigura had submitted their bids in response to a tender issued by Pakistan LNG Limited (PLL).

The government is looking at delaying the supply of LNG cargoes under long-term contracts, which have much higher prices, and engage in more spot purchases in order to take benefit of low prices and save millions of dollars every month.

Pakistan is currently importing LNG from Qatar at 13.37 percent of Brent crude price, which is quite higher than the bids offered in the recent tender. Qatar has offered a lower price of 11.5 percent of crude for additional supply of 200 mmcfd.

Import of LNG was estimated at around eight million tonnes last year. Expected annual import of LNG would rise to 15-30 million tonnes over the next four to five years, according to official estimates.

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