MILAN: Asian liquefied natural gas (LNG) prices edged up on a crop of fresh tenders expected to add to already brisk demand from Indian and Middle Eastern importers.

Prices for October and November delivery traded at around $5.55 per mmBtu this week, up from $5.30 per mmBtu for October delivery last week.

India’s GSPC and Kuwait are seeking one cargo each for November delivery, while Egyptian Natural Gas Holding wants three cargoes in total spread across Oct, Nov and Dec, trader sources said.

On top of that, traditional buyer Korea Gas Corp, stung by oversupply and weak do­­mes­­tic demand in recent years, has re-emerged to scout for winter spot shipments, helping tighten supply outlooks.

Pakistan plans to issue two tenders for 750,000 tonnes per year of LNG each in the coming month, the head of the country’s state-owned LNG company said.

Adnan Gilani, head of Pakistan LNG, said the specifics of the tenders are being finalised.

Published in Dawn, September 10th, 2016