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Pakistan LNG cancels tender after high offers

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LNG Industry,

Reuters are reporting that Pakistan LNG has cancelled a tender seeking six cargoes of LNG for delivery in July and August.

Pakistan is among major LNG buyers in Asia and the move could weigh on spot Asian LNG prices which have been declining after rising to a 3-1/2-year high in mid-June.

Pakistan LNG has decided to cancel the tender due to higher than expected prices offered by sellers.

There is no urgent need for power plants to seek replacement cargoes. The company is unlikely to re-issue the tender.

The company still has a separate tender seeking five cargoes of the super-chilled fuel for September to October delivery.

Prompt cargoes meant for Pakistan are being offered in the spot market.

With Indian demand for LNG waning due to its monsoon season and high inventory, and with not all terminals operating in full capacity, the cargoes are unlikely to be diverted to India.

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