ISLAMABAD: Vitol on Friday offered Pakistan LNG Ltd (PLL) a spot cargo sought for a May 17-18 delivery window at $23.13 per mmBtu, bid documents showed, 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 per 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 per mmBtu, PetroChina International at $25.23 per mmBtu and Vitol Bahrain at $23.1297 per mmBtu, bid documents on PLL’s website showed.

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.

Published in Dawn, April 30th, 2022

Opinion

Editorial

Smog hazard
Updated 05 Nov, 2024

Smog hazard

The catastrophe unfolding in Lahore is a product of authorities’ repeated failure to recognise environmental impact of rapid urbanisation.
Monetary policy
05 Nov, 2024

Monetary policy

IN an aggressive move, the State Bank on Monday reduced its key policy rate by a hefty 250bps to 15pc. This is the...
Cultural power
05 Nov, 2024

Cultural power

AS vital modes of communication, art and culture have the power to overcome social and international barriers....
Disregarding CCI
Updated 04 Nov, 2024

Disregarding CCI

The failure to regularly convene CCI meetings means that the process of democratic decision-making is falling apart.
Defeating TB
04 Nov, 2024

Defeating TB

CONSIDERING the fact that Pakistan has the fifth highest burden of tuberculosis in the world as per the World Health...
Ceasefire charade
Updated 04 Nov, 2024

Ceasefire charade

The US talks of peace, while simultaneously arming and funding their Israeli allies, are doomed to fail, and are little more than a charade.