TotalEnergies bids lowest at $17.37 in Pakistan LNG tender

en.Wedoany.com Reported - TotalEnergies Gas and Power has submitted the lowest bid at $17.3700 per million British thermal units in a spot tender launched by Pakistan LNG Limited on July 1. The tender seeks to procure one cargo of 140,000 cubic meters of liquefied natural gas on a delivered ex-ship (DES) basis, with the delivery window set for July 10-11.

According to the bid evaluation report released by Pakistan LNG Limited on Friday, two companies participated in the tender, with the other being BP Singapore, which quoted $17.9688 per million British thermal units. Pakistan LNG Limited did not specify whether it would accept TotalEnergies' bid. Local media reports indicate that the company has accepted the price due to the urgency of meeting the country's power demand.

Prior to this tender, BP Singapore had submitted the lowest bid at $16.7372 per million British thermal units in a tender to supply a spot LNG cargo to Pakistan for delivery between June 30 and July 4. Additionally, BP Singapore recently offered the most competitive price of $19.1337 per million British thermal units for another spot LNG cargo scheduled for delivery on June 6-7.

Most of Pakistan's LNG supply comes from long-term contracts with Qatar. In May, Pakistan received three LNG cargoes from Qatar shipped through the Strait of Hormuz, the first since tensions in the Middle East. Although the United States and Iran have reached a framework agreement that includes the full reopening of the Strait of Hormuz, the situation in the strait remains unclear. On the other hand, Edison, an Italian energy company under France's EDF Group, said last week it had received a new force majeure notice from QatarEnergy affecting cargoes originally scheduled for delivery at the Adriatic LNG terminal in Italy until early September.