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Pakistan seeks 120 LNG cargoes for 2016-2020 delivery

Pakistan seeks 120 LNG cargoes for 2016-2020 delivery

SINGAPORE: The Pakistan State Oil Company launched two tenders on Monday to buy 120 cargoes in total of Liquefied Natural Gas (LNG) over five years, setting a new bar for requirements following big recent purchases from Egypt and Jordan this year.

A global glut in gas supplies has caused spot LNG prices to plunge, prompting some countries to take advantage of the cheap supplies to become importers for the first time.

Egypt kicked off the trend earlier this year after installing its first floating LNG import terminal on its Red Sea coast.

In October it awarded a second major purchase tender for around 55 LNG cargoes.

Read: Chinese company to build LNG, gas pipeline projects in Pakistan

At the same time Jordan concluded part of its first major LNG buy tender, awarding half of its four-year requirement for up to 78 cargoes to Royal Dutch Shell, which will cover deliveries in 2016 and 2017.

Pakistan's call for cargoes is the biggest seen so far this year.

The seller has to deliver two cargoes a month to a terminal at Port Qasim from January 2016 to December 2020, Pakistan State Oil (PSO) said in tender documents on its website.

Both tenders carry a launch date of Monday, although the first one was issued late on Sunday. The tenders will close on December 10 and offers will remain valid until January 15, 2016, it said.

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