According to the bidding results finalized by PLL, Eni SpA of Italy secured three cargoes with the lowest prices while Qatar Petroleum and PetroChina won two cargoes each. Vitol Bahrain grabbed one cargo.
This was the first time that the LNG importer had sought open tender in fixed dollar rate instead of historic pattern of inviting bids in Brent Crude slope as defined in percentage of oil price.
EniSpA was declared successful lowest bidder for three cargoes — one each in April, May and June — at $6.7 per million British thermal unit (mmBtu) lowest bid price for all the three months. Qatar Petroleum was found as the lowest bidder for two cargoes in May at $6.825 and $6.925 per mmBtu.
PetroChina emerged as a successful bidder with the lowest price of $6.835 per mmBtu for June 8-9 delivery window and $6.885 per mmBtu for June 27-28 window. Vitol won May 31 cargo with $6.835 per mmBtu.
Though a total of 12 traders participated in the bidding, no cargo attracted more than eight bids while one cargo received only three bids, which averaged out to five bids per cargo. Besides the winners, other bidders included BB Energy, Gunvor Singapore, BP Singapore, DXT Commodities, Trafigura, POSCO Intl, Total Gas & Power, and ENOC.