finance
Pakistan Receives Seven Bids but Rejects All in Urgent LNG Tender
Pakistan turned down the lowest offer in a tender for two LNG cargoes issued this week as the country faces a deepening energy crisis. Bids ranged from $16.98 to $18.58 per million British thermal units with seven offers received. The rejection follows an earlier spot purchase from TotalEnergies at a higher price.
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Pakistan has rejected the lowest bid submitted under an urgent tender for two liquefied natural gas cargoes that it launched earlier in May 2026. The country received a total of seven bids for the tender, none of which it deemed acceptable. Pakistan on Wednesday issued the tender seeking to urgently buy two LNG cargoes for delivery later in May 2026.
Bids came from BP, Vitol, TotalEnergies, Azerbaijan’s SOCAR Trading, Emirati-based OQ Trading, and PetroChina, according to Pakistani Dawn. 58 per mmBtu. TotalEnergies submitted the lowest bid.
OQ Trading submitted the highest bid. The rejection highlights the difficulties Pakistan faces as it struggles to cope with a gas and power crisis amid disrupted LNG supplies from the Middle East. Pakistan has relied on Qatar's term LNG supply for years, but the war in the Middle East led to the shutdown of Qatari LNG production and exports.
That disruption forced Pakistan to move to tap the spot market for LNG for the first time in nearly three years. Spot LNG prices in Asia have surged since the war in Iran trapped Middle Eastern LNG supply from Qatar and the UAE behind the Strait of Hormuz. 40 per million British thermal units.
The LNG in that delivery came from the Sabine Pass LNG facility of Cheniere Energy. com reported that the outcome of the latest tender suggests price remains a significant obstacle for Pakistan even as power outages spread. The cash-strapped country had long benefited from more affordable term supplies from Qatar that are no longer available.
