POSCO reportedly set to supply natural gas to Pakistan

South Korean firm POSCO International is reportedly set to become a liquefied natural gas (LNG) supplier to Pakistan LNG.

Reuters reported that the Korean firm offered the lowest bid of 7.9673% of Brent crude oil prices for the supply of LNG cargo on September 12-13 to Pakistan, citing two sources familiar with the matter.

According to a notice posted on Pakistan LNG’s website, six companies have technically qualified for an import tender by Pakistan LNG to buy two cargoes of LNG for delivery in September.

These include SOCAR Trading (UK), Gunvor Singapore, PetroChina International Singapore, Trafigura, Vitol Bahrain, and POSCO International.

SOCAR Trading submitted the lowest bid of 6.9511% for the supply of LNG on September 25-26.

Reuters cited an industry source as saying that ‘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.’

In a separate development, Pakistan LNG bought an additional prompt cargo, which it had sought for mid-August delivery priced at 9.3421% of the average Brent crude oil price for three months.