Morpheus
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Pakistan Gets Significantly Lower Rates for LNG After Cancelation of Expensive Bids
Posted 2 hours ago by ProPK Staff
Pakistan has received significantly cheaper bids for three cargoes of liquefied natural gas (LNG) to be delivered in March under an urgent tendering process.
The lower bids have been received partially owing to the fall in the international market. Last week, the state-owned Pakistan LNG Limited (PLL) had canceled the bids for LNG deliveries (for March) for three windows as prices in the international spot market started to crash.
Instead, the PLL went for a revised urgent tender on January 22 with a deadline of January 26. These revised bids attracted 26 to 38 percent cheaper rates when compared with the original canceled bids.
According to the reports, PLL received the lowest bid of 13.62 percent of Brent for cargo delivery in the second week of March from ENI of Italy in the second round of bids compared to 22.24 percent of Brent from the same company during the earlier bids. This is a decrease of approximately 38 percent within one week.
ENI’s bid for cargo in the third week of March is also the lowest, with 13.62 percent of Brent. Another company Vitol offered the same bid at 17.81 percent, making ENI’s bid 23.5 percent lower.
The lowest bid for the fourth week of March is at 12.73 percent of Brent from Qatar Petroleum.
The revised urgent tendering also attracted 20 more bidders compared to the previous tender. This highlights that the prices in the spot market have eased as demand has decreased over the past few weeks.
propakistani.pk
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Posted 2 hours ago by ProPK Staff
Pakistan has received significantly cheaper bids for three cargoes of liquefied natural gas (LNG) to be delivered in March under an urgent tendering process.
The lower bids have been received partially owing to the fall in the international market. Last week, the state-owned Pakistan LNG Limited (PLL) had canceled the bids for LNG deliveries (for March) for three windows as prices in the international spot market started to crash.
Instead, the PLL went for a revised urgent tender on January 22 with a deadline of January 26. These revised bids attracted 26 to 38 percent cheaper rates when compared with the original canceled bids.
According to the reports, PLL received the lowest bid of 13.62 percent of Brent for cargo delivery in the second week of March from ENI of Italy in the second round of bids compared to 22.24 percent of Brent from the same company during the earlier bids. This is a decrease of approximately 38 percent within one week.
ENI’s bid for cargo in the third week of March is also the lowest, with 13.62 percent of Brent. Another company Vitol offered the same bid at 17.81 percent, making ENI’s bid 23.5 percent lower.
The lowest bid for the fourth week of March is at 12.73 percent of Brent from Qatar Petroleum.
The revised urgent tendering also attracted 20 more bidders compared to the previous tender. This highlights that the prices in the spot market have eased as demand has decreased over the past few weeks.
Pakistan Gets Significantly Lower Rates for LNG After Cancelation of Expensive Bids
Pakistan has received significantly cheaper bids for three cargoes of liquefied natural gas (LNG) to be delivered in March under
propakistani.pk
