SINGAPORE: Pakistan LNG is seeking two liquefied natural gas (LNG) cargoes for delivery in November through an emergency tender after its term suppliers canceled delivery of cargoes, two industry sources said on Tuesday.
A sharp increase in gas prices has caused power shortages in many parts of the world, including China, amid a global energy crunch.
Pakistan LNG is seeking the cargoes for delivery into Port Qasim, Karachi, over Nov. 19 to 20 and Nov. 26 to 27 through a tender closing on Nov. 5, with same-day validity, according to a tender document posted on the company website.
This is due to the cancelation of two cargoes by the firm’s term suppliers for the month, one of the sources familiar with the matter said.
Commodities trader Gunvor could not supply the cargo because of force majeure at Equatorial Guinea’s LNG plant, the source said.
Italian energy group ENI could not deliver a cargo due to a default by its backend supplier, the source added.
Gunvor, ENI and Pakistan LNG did not immediately respond to Reuters’ requests for comment.
Pakistan has a five-year import deal with Gunvor and a 15-year agreement with ENI to buy LNG. Under the contracts, Pakistan LNG can impose a penalty of about 30 percent of the contractual price of a cargo on each company for cargo defaults.
Spot LNG prices rose to a record high of above $56 per million British thermal units (mmBtu) last month before pulling back to just above $30 per mmBtu, which is still over 400 percent higher than the same time last year.
That works out to three times the price of oil-linked term cargoes, which are priced at above 11 percent of Brent crude oil prices, or about $10 per mmBtu based on current oil prices.
Pakistan LNG issues emergency tender after term cargoes canceled
https://arab.news/p679s
Pakistan LNG issues emergency tender after term cargoes canceled
- Pakistan LNG is seeking the cargoes for delivery into Port Qasim, Karachi, in November
- Country needs this due to the cancelation of two cargoes by the firm’s term suppliers for the month
Omani, Pakistani navies conduct joint passage exercise to enhance interoperability
- The development came as a Pakistani flotilla visited Port Sultan Qaboos in Muscat on overseas deployment
- Pakistan, Oman are maritime neighbors and frequently hold visits of dignitaries, port calls and joint exercises
ISLAMABAD: The Omani and Pakistani navies conducted a joint passage exercise in regional waters aimed at enhancing interoperability and strengthening maritime cooperation between the two countries, Pakistan Navy said on Sunday.
The development came after a Pakistani flotilla, comprising naval ships Rah Naward and Madadgar and a Pakistan Maritime Security Agency (PMSA) ship PMSS Kashmir, visited Port Sultan Qaboos in Muscat, according to the Directorate General Public Relations (DGPR) of Pakistan Navy.
“Following the port call, PN and PMSA ships conducted a passage exercise with Royal Oman Navy ship KHASAB,” the DGPR said in a statement.
“The exercise at sea aimed to enhance interoperability between the two navies and promote shared learning through bilateral conduct of naval exercises.”
During the visit, Pakistani Mission Commander Commodore Amir Iqbal, along with commanding officers, held meetings with Omani naval leadership, according to the statement.
“During these interactions, matters of mutual interest, navy-to-navy engagements, and cooperation in maritime security were discussed,” the statement read.
“RNO (Royal Navy of Oman) officers and midshipmen also visited onboard ships and discussed topics of mutual maritime interest with PN officers.”
Pakistan and Oman are maritime neighbors and frequently hold visits of dignitaries, port calls by ships and joint exercises.
Last month, naval commanders of Pakistan and Oman met in Islamabad and signed an agreement to share shipping information with each other.
“The MoU is aimed at establishing of guidelines and procedures for information sharing in order to enhance mutual awareness of white shipping,” Pakistan Navy said in a statement.
