Pakistan LNG Opens Autumn Bids
Switzerland-based trader Gunvor submitted two out of the five best offers in state-owned Pakistan LNG's tender last week for five spot cargoes during September-October 2018.
Pakistan LNG opened bids July 27 and disclosed that Gunvor made the lowest offer price on two cargoes, with BB Energy, Trafigura and Azeri state-owned Socar each submitting lowest offer for a cargo each.
Lowest offer prices accepted per cargo ranged from 13.0725% of Brent oil (for the first cargo to be supplied by BB Energy on September 7-8) to 14.4769% (for the penultimate one, which Socar must deliver October 20-21). The two Gunvor cargoes to be delivered October 11-12 and October 25-26 are priced at 14.2769% and 14.4769% of Brent respectively, while Trafigura's cargo on Sept.17-18 is at 13.2901% Brent.
Each of the delivery slots had two competing bidders; only the three named traders made technically qualified offers. Formal acceptance of the five best offers is expected August 6. Cargoes have to be 140,000 m3, to within a -2% and +5% tolerance and delivery is ex-ship at Pakistan LNG's Port Qasim terminal.