ISLAMABAD - Pakistan will once again procure pricy liquefied natural gas (LNG) at $25.12 per Million British Thermal Unit (MMBtu) from spot market for the month of March.

In response to Pakistan LNG Limited emergency tenders, two supplies have submitted their bids for March 10-11 slots, however no bidder responded to the March 2-3 slot, official document available with The Nation revealed. Pakistan LNG Limited (PLL) has approved the bid of Qatar Petroleum Trading for the supply of LNG at $25.12/MMBtu under spot purchase for the month of March, official documents revealed.

In a bid to fill the demand supply gap created by the default of two term suppliers on their commitments for the supply of RLNG during first and second week of March, PLL had resorted for spot purchase of two cargoes.  Two term suppliers ENI and GUNVOR have defaulted on LNG cargoes scheduled for delivery in March, and resultantly Pakistan LNG Limited (PLL) had last week floated an emergency tender seeking spot purchase of two LNG cargoes. PLL had sought bids from the international LNG suppliers for spot procurement of two LNG cargoes for delivery slot on March 2-3 and March 10-11. The last date for closing the bid was 22nd February, the source said.

For March 10-11 slot ENOC Singapore and Qatar Petroleum Trading submitted their bids. ENOC Singapore has offered $26.1625/MMBtu, whereas QP Trading offered $25.12/MMBtu, the documents revealed. Since lowest commercial offer was made by QP Trading therefore it was declared lowest evaluated bidder, the documents revealed. It is worth mentioning here that in November 2021, the country had purchased the most expensive spot LNG cargo at the highest-ever price of $30.6/MMBtu from Qatar Petroleum Trading.