Pakistan LNG Ltd (PLL) received bid from commodities trader Trafigura at $ 23.47 per million British thermal units (mmBtu) for an LNG import tender to be delivered on January 3-4 and at $ 22.47/mmBtu for delivery February 23-24, source with knowledge of matter said.

In June, Pakistan issued two tenders seeking spot liquefied natural gas (LNG) cargoes for first time in nearly year but did not receive any bids. Bid from Trafigura is for Pakistan LNG's second tender which closed on July 14. Meanwhile, Bloomberg News reported shipments offered by Trafigura "Are priced at roughly 30 percent premium to current market prices, according to traders". "Typically, spot purchases of fuel would be sold at similar levels to market prices," it said.

Report informed that Pakistan will not award tender until July 31 and it remains to be seen whether country will follow through with buying fuel. "Credit risk had been barrier stopping LNG suppliers from selling spot shipments to nation," said report.

Development comes days after Pakistan managed to secure $ 3 billion Stand-By Arrangement with International Monetary Fund.

Dependent on gas for power generation, country has struggled to procure spot cargoes of LNG after global prices elevated last year following Russia's invasion of Ukraine.