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Oil report

Pakistan seeks bids to import six LNG cargoes in January

ISLAMABAD, Nov 10 (Reuters) - Pakistan is seeking bids to import six liquefied natural gas (LNG) cargoes for delivery between Jan. 8 to Feb. 1, the country’s natural gas buyer said in an advertisement in the newspaper Dawn.

The last date for the submission for bids for the cargoes, each of 140,000 cubic metres, is Dec. 10, according to the advertisement by Pakistan LNG Ltd. The winning bids will be announced the same day.

Pakistan LNG recently awarded a tender to import six LNG cargoes in December. Vitol placed the best bids for four of the cargoes while Trafigura and Socar were the front runners for one cargo each.

Pakistan’s gas needs typically rise in December and January but deficit in supply versus demand is expected to increase this year as consumption rises and indigenous supply declines.

The South Asian country has a purchase deal with Qatar for 3.75 million tonnes of LNG per year for 15 years to 2030, but it regularly taps the spot market.

It also has a five-year import deal with commodity trader Gunvor and a 15-year agreement with Eni.

The power sector is Pakistan’s largest natural gas consumer, followed by residential consumption and the fertiliser industry.

Reporting by Gibran Peshimam in Islamabad and Jessica Jaganathan in Singapore; Editing by Christian Schmollinger

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