Pakistan LNG secures mid-August spot cargo

State-owned Pakistan LNG has secured an additional cargo for mid-Augusts in a swift procurement procedure.

The company floated a tender and completed the process within a week, according to its tender documents.

The company noted the cargo will be priced at 9.3421% of 3 months average Brent oil prices.

PetroChina International was selected as the lowest bidder and will supply the cargo in the August 15-16 window.

Other bidders in the tender process were Gunvor and Trafigura, the document shows.

In addition to the quickly-procured August spot LNG cargo, the company unveiled the results of its tender seeking two cargoes in September.

According to the tender document, South Korea’s POSCO International was selected as the lowest bidder for the September 12-13 cargo. This would be the first time POSCO supplied an LNG cargo to Pakistan.

The cargo for delivery during the September 25-26 window would be supplied by Azerbaijan’s SOCAR.

POSCO placed a bid at 7.97 per cent of the Brent oil prices, while SOCAR came in with a bid at 6.95 per cent of Brent.

The cargoes are being supplied to the FSRU BW Integrity at Port Qasim, Karachi.

BW’s FSRU BW Integrity has a storage capacity in excess of 170,000 cubic meters has a peak regasification capacity of 750 million standard cubic feet per day.