Italian oil major Eni, China's overseas energy unit PetroChina and two trad...
LONDON/SINGAPORE - Italian oil major Eni, China’s overseas energy unit PetroChina and two trading houses are vying to supply liquefied natural gas to Pakistan in one of the largest tenders ever worth billions of dollars, two sources familiar with the matter said on Friday.
Pakistan is expected to be a significant growth driver in global LNG demand, with Wood Mackenzie estimating the country will need 25 million tonnes a year as domestic supplies dwindle and its economy grows. That would make it a top-five LNG buyer. “Trafigura owns 150 of LNG import capacity in that facility, which is key to its plan to supply LNG and gas to Pakistan’s private sector,” the spokesperson said.The tender is keenly watched due to its size and because Pakistan, gripped in an anti-corruption drive under the government of Prime Minister Imran Khan, is expected to publish the lowest prices offered by the companies.
The largest tender in recent years was issued by Egypt in October 2016 for 96 cargoes, but that was for a two-year period between 2017 and 2018 after the country suffered an acute gas shortage.Pakistan, like most Asian buyers, purchases LNG priced against Brent crude oil expressed as a price slope, or percentage of the oil contract.
Pakistan LNG issued the tender in early June to import 240 LNG cargoes of 140,000 cubic meters each for delivery over a 10-year period for the country’s second LNG terminal.
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