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Pakistan buys 4 LNG cargoes at highest value since 2015

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Pakistan buys four LNG cargoes at highest price since 2015
  • State-owned PLL first cancelled tender of eight cargoes for Sept and Oct, arguing charges had been excessive.
  • The federal government will procure three LNG cargoes from Gunvor and one from PetroChina.
  • PLL to drift tender for months of October and November underneath Public Procurement Regulatory Authority guidelines.

ISLAMABAD: The Imran Khan-led authorities has procured 4 liquefied pure fuel (LNG) cargoes on the highest-ever charges at $15.19-$15.49 per mmBtu for the month of September since 2015, reported The Information.

The state-owned Pakistan LNG Restricted (PLL) first cancelled the tender of eight cargoes for September and October, arguing that the charges had been greater at $13.78 per mmBtu, however now it has procured 4 cargoes on the highest-ever charges.

The PLL went for a closed tender for September and managed to get the charges for 4 LNG cargoes at over $15 per mmBtu, that are the highest-ever charges because it began shopping for LNG in 2015. The federal government will procure three LNG cargoes from Gunvor and one from PetroChina.

The federal government is underneath super stress and compelled to purchase the cargoes on the highest costs to keep away from energy load shedding in September. Gunvor will present PLL with the primary cargo throughout September 6-7 at a price of $15.397 per mmBtu, the second cargo on September 12-13  for $15.497 per mmBtu and the third one on September 17-18 for $15.397 per mmBtu. PetroChina will present LNG cargo on September 27-28 for $15.199 per mmBtu.

Now the PLL can also be going to drift a young for the months of October and November underneath the Public Procurement Regulatory Authority (PPRA) guidelines, fearing that it’s going to get bids near $20 per mmBtu, preserving in view the costs’ pattern within the worldwide market.  Beneath the PPRA guidelines to carry up the speed for 15 days, the LNG suppliers additionally embody the premium.

The federal government says that at current there’s an LNG costs crunch within the worldwide market and it’s tough to foretell the long run pattern of the LNG costs. 

The PLL earlier obtained bids within the vary of $10.2937 per mmBtu to $11.7747 per mmBtu for July cargoes, and $10.51 to $10.8312 per mmBtu for cargoes to be delivered in August.

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