Pakistan Rejects Record-High LNG Bid from BP Singapore

Pakistan's Petroleum Division has floated a fresh tender for liquefied natural gas (LNG) after rejecting a record-high bid from BP Singapore at $26.969 per million British thermal units (mBtu).

The new tender seeks bids for an LNG cargo containing approximately 140,000 cubic metres and is scheduled to appear in national newspapers on Wednesday.

Bids will be opened on Friday for the delivery window of September 8-12, following a previous attempt at securing supplies that failed due to uncertainty over availability and cost.

The international LNG price currently stands at around $23.18 per mBtu, with officials considering BP Singapore's bid too high given this backdrop.