The Oil and Gas Regulatory Authority (OGRA) withdrew a notification issued on August 2, 2021, which showed the country’s leading energy company, Pakistan State Oil (PSO), had made the costliest purchase of liquefied natural gas (LNG) cargo at $20.055.
The move came on Tuesday; PSO clarified that the company had not awarded any cargo at a given price. The bid received against the required delivery of August 29 & 30, 2021, was high, resulting in a price that was not acceptable to PSO, and the tender was revoked on July 27, 2021. PSO has retendered for the same delivery period on July 29, 2021.
Shortly afterwards, OGRA withdrew the notification from a day earlier, stating: “As per routine monthly practice, estimated prices of RLNG are computed based on available data at the time of computation.
“Since the Prices are for the month in advance, many pricing components are calculated for determination of Prices on a Provisional basis based on available data at that time, which OGRA later actualises based on actual costs incurred,” it added.
However, the authority said that PSO informed it had revoked the cargo with offered price of 27.87 per cent of the Brent, RLNG price notified on 2nd August is no more valid, and August RLNG price notification is being withdrawn.
