SINGAPORE: Pakistan LNG Ltd (PLL) did not award a tender to commodities trader Trafigura, which had offered bids to deliver two spot cargoes of liquefied natural gas (LNG) next year, an industry source said on Tuesday.

Trafigura had offered bids of $23.47 per million British thermal units (mmBtu) for an LNG import tender to be delivered on Jan 3-4 and $22.47/mmBtu for Feb 23-24 delivery, a source told Reuters last month.

A notice on PLL’s website showed it received two bids from Trafigura as well.

But PLL did not pick up the bids as the price levels were still too high, especially for the winter season, the industry source said, requesting anonymity as they are not authorised to speak about it.

Asian spot LNG prices LNG-AS were last at $11/mmBtu on Friday, and have been trading below $20/mmBtu for most of this year, but could rise during winter when seasonal demand kicks in. Pakistan last imported spot LNG in June 2022, when it awarded a tender to PetroChina for two cargoes.

Published in Dawn, Aug 2nd, 2023