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Pakistan LNG Limited (PLL) has finalized the lowest bids ranging from $6.7/MMBtu to $6.925/MMBtu for eight LNG cargoes.

These eight cargoes are to be delivered from April to June 2021, a statement by the company informed. This is the first time PLL has invited bids on fixed dollar rates instead of a percentage of Brent.

PLL received 42 bids for the advertised seven deliveries, the statement said. “Eni SpA will deliver one consignment on April 30, another consignment on May 26-27, and one more on June 18-19, 2021 at the rate of $6.7/MMBtu.”

Bloomberg’s energy reporter, Stephen Stapczynski, wrote on his Twitter profile that Pakistan received a record number of participants for its latest spot tender. “12 suppliers gave offers for Pakistan LNG’s tender seeking 8 cargoes for April-June. That’s the most ever,” he said. Adding, “This tender was the first to have some reforms that made it easier for companies to participate.”

PLL also informed that QP Trading would make two deliveries, one on May 11-12 at the rate of $6.825/MMBtu and the other on May 16-17, 2021, at the rate of $6.925/MMBtu.

“Vitol Bahrain will make a delivery on May 31, 2021, at the rate of $6.7832/MMBtu, while PetroChina will make two deliveries, one on June 08-09 at $6.835/MMBtu and second on June 27-28, 2021, at the rate of $6.885/MMBtu,” PLL said.

Stephen wrote, “This also illustrates how more companies are setting up LNG trading desks. For example, Posco only recently began participating in Pakistan’s purchase tenders.”

According to PLL’s statement, the average LNG price for May delivery into Northeast Asia LNG-AS was estimated at $6.55/MMBtu and $5.7/mmbtu for April deliveries.

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