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Pakistan LNG receives heavy interest for 10-cargo spot tender

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LNG Industry,

According to Reuters, Pakistan LNG has launched a spot tender to purchase 10 LNG cargoes for delivery in 4Q19, receiving heavy interest from a number of companies, including in Japan and China.

Reuters reports that JERA Global Marks and PetroChina International (Singapore) were both among nine companies that have technically qualified to supply the cryogenic fuel.

According to Reuters, the other companies to have qualified for Pakistan LNG’s latest tender include: Vitol Bahrain; BB Energy (Asia); Gunvor Singapore; SOCAR Trading; Trafigura; DXT Commodities; and Eni. According to a document posted on Pakistan LNG’s website, a total of 45 bids have been received.

The company will reportedly open the commercial and financial proposals of the qualified companies on Friday.

According to Reuters, although JERA and PetroChina have historically been LNG buyers, they have started to become increasingly active in trading LNG, as new long-term contracts become more flexible, and buyers take on more portfolio positions in an effort to optimise their trading to lower costs.

Two industry sources with knowledge of the matter claim this is the first time JERA has taken part in a Pakistan LNG buy tender process.

It is the third time this year that PetroChina has technically qualified in Pakistan LNG’s tender process.

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