Vitol Bahrain has offered the lowest bids of 1.0522pc and 10.88933pc of Brent Crude Price. Reuters/File
ISLAMABAD: As the international market continued its downward journey, state-run Pakistan LNG Limited (PLL) has received cheaper bids for two cargoes of liquefied natural gas (LNG) for deliveries in April.
The PLL on Friday said Vitol Bahrain offered the lowest bids of 1.0522 per cent and 10.88933pc of Brent Crude Price for April 5-6 and April 19-20 delivery windows, respectively.
This is the lowest bid PLL has secured from the spot market since Sept 22-23, 2020. The LNG prices had since been on a steady increase.
Vitol Bahrain offers lowest LNG rates for April delivery
Business February 5, 2021
KARACHI: Vitol Bahrain has offered the lowest rates for supply of two liquefied natural gas (LNG) cargoes to Pakistan in April, it was learnt on Thursday.
Pakistan LNG Terminal (PLL) issued the tenders for LNG delivery in April 2021. PLL has received lower bids for two LNG cargoes for April in the range of 10.89 percent to 11.05 percent of Brent against the tender that closed on February 4.
With Brent trading at $58.77/barrel, cargo for April 5-6 delivery is priced at $6.49/million metric British thermal unit (MMBtu) – 11.05 percent of Brent, and delivery for April 19-20 is priced at $6.4/mmbtu –10.89 percent of Brent. Four traders submitted the bids including QP Trading, Vitol Bahrain, POSCO International Corporation and PetroChina International. PLL received considerably lower bids for three LNG cargoes for March in