Pakistan LNG Limited awards spot cargo for June to BP Singapore at $19.13/MMBtu

Pakistan LNG Limited (PLL) has awarded a spot liquefied natural gas (LNG) cargo contract to BP Singapore at a price of $19.1337 per million British thermal units (MMBtu) for delivery on June 6-7, 2026, securing additional fuel supplies amid a tightening regional LNG market and growing energy security concerns.

According to the bid evaluation documents, PLL received five bids for the cargo. Four companies qualified technically, while the commercial offer of PetroChina International Singapore was returned unopened after it failed to meet technical requirements.

The bid evaluation showed the following offers for the June 6-7 delivery window:

The evaluation identified BP Singapore as the lowest evaluated bidder, with a contract price of $19.1337/MMBtu.

According to analysis by Arif Habib Limited (AHL), the award follows another recent spot LNG procurement by PLL from TotalEnergies at $18.4/MMBtu delivered ex-ship (DES), equivalent to a slope of approximately 20.9%.

AHL noted that the two cargoes represent Pakistan's first spot LNG imports since February 2024, indicating a shift from the surplus gas conditions experienced over the past two years.

Based on an average crude oil price assumption of around $100 per barrel during March-May 2026, the brokerage estimated that the BP Singapore cargo translates into an implied slope of approximately 19.1%, broadly consistent with historical spot LNG procurement levels.

The cargo, carrying approximately 140,000 cubic metres of LNG, is scheduled to arrive at the Pakistan GasPort Consortium Limited (PGPL) terminal at Port Qasim, Karachi.

The contract was awarded after evaluation of financial proposals and approval by the National Crisis Management Cell (NCMC).