MILAN, Sept 9 (Reuters) - Asian liquefied natural gas (LNG) prices edged up on a crop of fresh tenders expected to add to already brisk demand from Indian and Middle Eastern importers.
Prices for October and November delivery traded at around $5.55 per million British thermal units (mmBtu) this week, up from $5.30 per mmBtu for October delivery last week.
India’s GSPC and Kuwait are seeking one cargo each for November delivery, while Egyptian Natural Gas Holding wants three cargoes in total spread across October, November and December, trader sources said.
On top of that, traditional buyer Korea Gas Corp, stung by oversupply and weak domestic demand in recent years, has re-emerged to scout for winter spot shipments, helping tighten supply outlooks.
Egypt is also gearing up to launch its keenly-awaited 120-cargo buy tender catering for deliveries across 2017, now expected after the Muslim religious holiday Eid al-Adha on Sept. 12, traders said.
Pakistan plans to issue two tenders for 750,000 tonnes per year of LNG each in the coming month, the head of the country’s state-owned LNG company said.
Adnan Gilani, head of Pakistan LNG, said the specifics of the tenders are being finalised, but they will probably be a five-year and a 15-year offer, as well as a possible spot purchase.
Russia and Bahrain agreed to expand cooperation in LNG on Tuesday, with Moscow considering LNG supplies to the kingdom.
Loadings from Nigeria’s Bonny Island liquefaction plant resumed normal pace after Shell lifted force majeure on natural gas supplies to the plant earlier this week. (Editing by Susan Thomas)
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