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Four companies compete to win Pakistan LNG supply contract

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LNG Industry,

According to Reuters, four companies have placed offers into a 10-year import tender for LNG deliveries to Pakistan, with Pakistan LNG expected to award the tender in August 2019.

Two sources with knowledge of the matter said that the companies involved are Eni, SOCAR, PetroChina International Singapore, and Trafigura. One of the sources reportedly added that the commercial offers are expected to be opened on 2 August.

According to Reuters, Pakistan LNG – the state-owned company – issued the tender early last month to import 240 LNG cargoes (140 000 m3 each) over the course of a 10-year period. The cargoes will be sent to Pakistan’s second LNG terminal, Pakistan GasPort Consortium Ltd terminal, which is capable of receiving 600 million ft3/d of gas.

Reuters reports that the first delivery is expected to occur between September this year and March next year, adding that the deal could be valued at approximately US$5 billion – US$6 billion at current oil prices. Pakistan LNG reportedly requested that the contract be priced against Brent crude oil, as is standard industry practice for long-term LNG contracts in Asia. According to the bid documents, Reuters claims that both counterparties will have the option for a price review after a period of five years following on the start of the contract.

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