Posco set to win first deal to supply LNG to Pakistan - sources

Credit: REUTERS/Kim Hong-Ji

By Gibran Naiyyar Peshimam and Jessica Jaganathan

ISLAMABAD/SINGAPORE, Aug 5 (Reuters) - South Korea's Posco International Corp 047050.KS is set to become a liquefied natural gas (LNG) supplier to Pakistan LNG, two sources familiar with the matter said.

Posco has offered lowest bid of 7.9673% slope to Brent for a supply of LNG cargo on Sept. 25-26, the sources said, adding that Socar Trading submitted the lowest bid for a Sept. 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 on winners will be made later in the day. No immediate comment was available from Pakistan LNG.

Six companies were technically qualified for an import tender by Pakistan LNG to buy two cargoes of liquefied natural gas (LNG) for delivery in September, according to a notice on the company's website.

The six companies qualified among 11 offers that were placed into the tender, according to the notice.

Gunvor Singapore, PetroChina International Singapore, Trafigura, Vitol Bahrain were the other companies that participated in the tender.

(Writing by Nidhi Verma, editing by Louise Heavens)

((Jessica.Jaganathan@thomsonreuters.com; +65 6870 3822; Reuters Messaging: jessica.jaganathan.thomsonreuters.com@reuters.net; Twitter: https://twitter.com/j3ssi3))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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