Pakistan’s hunt for LNG hit a new low this week. Pakistan LNG Limited (PLL) floated its third spot-cargo tender in September. This time, not one supplier sent a bid. The gas was needed for the September 12-16 supply window.
This failure is worse than the last two. In those tenders, suppliers did bid, but PLL turned the offers down for being too costly.
PLL’s three September tenders so far:
- September 1 tender: one bid, at $26.97 per MMBtu. Rejected.
- September 4 tender: two bids, lowest at $26.71 per MMBtu. Rejected.
- September 6 tender: opened and closed September 8. Zero bids received.
The tender was meant to cover short-term gas needs, something PLL has had to do often this year.
July was a rough month for LNG supply too. A disruption in Qatar’s long-term deliveries pushed PLL toward costly spot deals. RLNG-based power generation cost crossed Rs 47 per unit that month. On July 20, PLL bought a cargo from TotalEnergies at $21.88 per MMBtu, one of the priciest spot deals since the US-Iran war began. PLL bought five cargoes in total during July.
