South Korean firm set to win Pakistan's LNG deal

Posco offers lowest bid for LNG supply to Pakistan in late Sept

Reuters August 06, 2020


South Korea’s Posco International Corp is set to become a liquefied natural gas (LNG) supplier to Pakistan LNG, two sources familiar with the matter said.

Posco has offered the lowest bid of 7.9673% slope to Brent for supply of LNG cargo on September 25-26, the sources said, adding that Socar Trading submitted the lowest bid for a September 12-13 LNG import tender.

It is unusual for Posco to participate in Pakistan LNG’s import tender and could be the South Korean company trying to expand its third-party trading activities, according to an industry source.

A formal announcement of winners had to be made later in the day. No immediate comment was available from Pakistan LNG. Six companies technically qualified for an import tender by Pakistan LNG to buy two cargoes for delivery in September, according to a notice on the company’s website.

The six companies qualified from among 11 offers that were placed for the tender, according to the notice. Gunvor Singapore, PetroChina International Singapore, Trafigura and Vitol Bahrain were the other companies that participated in the tender.

Published in The Express Tribune, August 6th, 2020.

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