The Pakistan LNG Limited (PLL) has received five expensive bids for emergency LNG cargoes to avert the looming gas crisis in the country, a news outlet reported on Saturday.
Earlier this week, the PLL sought two LNG cargoes for delivery into Port Qasim, Karachi over November 19 to 20 and November 26 to 27 through an emergency tender after its term suppliers had cancelled delivery of cargoes.
According to the report, the PLL received bids with higher prices, ranging from $29.8966 to $31.0566 per MMBTU, from international LNG trading companies for two LNG cargoes.
It got the lowest bid for November 19-20 from Vitol Bahrain at $29.8966 per MMBTU and for November 26-27 from Qatar Petroleum Trading at $30.6500 per MMBTU.
The PLL board held a meeting to decide about purchasing the LNG cargoes. However, the board did not immediately take a decision whether or not to accept the bids.
As per the report, the PLL later decided to procure one LNG cargo from Qatar Petroleum Trading at $30.65 per MMBTU to be delivered on November 26-27. With the purchase of one LNG cargo, the basket sale price in the country would be at $15 per MMBTU.
A sharp increase in gas prices has caused power shortages in many parts of the world, including China, amid a global energy crunch.
