Pakistan to purchase LNG cargo from Qatar through spot buying.

ISLAMABAD -- Pakistan will purchase LNG cargo from Qatar through spot buying at 16.3 percent of Brent, for a window in February, which is higher than 13.37 percent the country is purchasing under long term agreement with Doha..

After refusal from Emirates National Oil Company (ENOC), the government had floated emergency tender for the procurement of one LNG cargo from spot market and in response to that two bids were received, said a source. Against tender for one cargo, two suppliers including Vitol and Qatar have offered bids for two different window in February. Vitol has offered 19.5 percent of Brent for February 21-22 window, while Qatar has offered 16.3 percent of Brent for February 25-26, a source told The Nation. The Vitol's bid has been rejected, said the source.

The Qatar bid is approximately 22% lower than the price offered by Emirates National Oil Company (ENOC) that withdrew its bid earlier for same cargo, said a spokesman for the Petroleum Division. Under long term agreement Pakistan is procuring LNG from Qatar at 13.37 of Brent. The spokesman said that LNG procuring company, Pakistan LNG Limited has arranged one more LNG cargo at a lower price for the month of February 2021 through an urgent tender. The price is approximately 22% lower than the price of the bidder that withdrew its bid earlier for same cargo.

It is worth mentioning here that on November 28, 2020, PLL had advertised a tender for procurement of two spot LNG cargoes for delivery in February. The bids were opened on...