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State-run Pakistan LNG Ltd. (PLL) has rejected a bid from BP Singapore for a spot LNG cargo scheduled for delivery on June 20-21 and has issued another tender for a cargo arriving next week, a Ministry of Energy official said on June 18.
PLL received a single bid from BP Singapore for the cargo, which was offered at USD 16.7828 per million British thermal units (MMBtu), according to documents posted on the company's website on June 17.
"Yes, we rejected the cargo in the hope that the situation in the Middle East will normalize soon and LNG supplies from Qatar will resume," said the Ministry of Energy official, who requested anonymity. The official declined to comment on why another spot cargo tender had been issued.
PLL invited bids on June 16 for a single cargo of 140,000 cubic meters, with submissions due on June 17, according to tender documents.
The state-run importer issued another spot tender on June 18 for one cargo to be delivered during the June 21-22 window, according to documents posted on PLL's website.
Pakistan plans to import one LNG cargo of 140,000 cubic meters on a delivered ex-ship basis at Karachi's Port Qasim. PLL said bids must be submitted by June 19.
Earlier, PLL rejected all five bids received under previous tenders — three bids for the June 13-14 delivery window and two bids for the June 20-21 delivery window.
The company did not provide a reason for rejecting the offers and only marked the tenders as "cancelled" on its website. When contacted, the Ministry of Energy official said the bids were rejected in anticipation of a resumption of LNG supplies from Qatar.
For the June 13-14 delivery window, PLL received bids from Vitol Bahrain at USD 21.9777/MMBtu, BP Singapore at USD 18.9868/MMBtu and PetroChina International Singapore at USD 19.20/MMBtu.
For the June 20-21 delivery window, PLL received bids from BP Singapore at USD 18.9868/MMBtu and PetroChina International Singapore at USD 19.06/MMBtu.
Pakistan typically imports nine to 10 LNG cargoes each month from Qatar under long-term supply contracts. However, the conflict in the Middle East has disrupted contractual shipments from the region.
The country imports LNG from Qatar under two long-term agreements, one priced at 13.7% of Brent crude and the other at 10.2% of Brent.
Pakistan's LNG imports fell to USD 2.016 billion in the 10 months through May 30, compared with USD 3.211 billion during the same period a year earlier, according to data released by the Pakistan Bureau of Statistics on June 16.
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