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Pakistan LNG buy tender draws 30 offers from eight companies

Singapore — Eight LNG suppliers submitted a total of 30 offers into a Pakistan LNG tender for five cargoes delivering over March and April, according to a company document released late Thursday.

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Socar Trading, Petronas LNG, Gunvor International, Vitol Bahrain and Socar Trading placed the lowest offers to deliver five LNG cargoes, according to the document on Pakistan LNG's website.

The large number of offers reflects healthy supply availability of cargoes for delivery over the late-winter and early-spring season.

Tepid demand due to a mild winter in northeast Asia, as well as relatively few production disruptions, have driven spot LNG prices to the lowest levels since September 2017.

The S&P Global Platts JKM for cargoes for delivery in March was assessed at $6.975/MMBtu Thursday.

Socar submitted the best offers for the April 2-3 and April 26-27 delivery slots into Pakistan's Port Qasim. The winning offers were submitted on a percentage slope to Brent crude oil prices, with the first at 12.2008% and the second at 11.8724%.

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Gunvor, meanwhile, entered the most competitive offers for the March 3-4 delivery slot, at 12.8211% to Brent crude.

Vitol issued the lowest offer at 12.5933% for the March 17-18 slot, while Malaysia's Petronas was the most competitive supplier for the April 13-14 delivery dates at 11.87%.

Pakistan LNG issued the tender December 31 and offers were submitted January 30.

Four other suppliers also submitted bids into the tender, which were Trafigura, DXT Commodities, Eni and Glencore.

-- Kenneth Foo, kenneth.foo@spglobal.com

-- Edited by Alisdair Bowles, newsdesk@spglobal.com