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PTT Buys LNG Spot Cargo at Around $14/mmBtu for June Delivery

Thailand’s state-owned PTT Pcl (PTT) has purchased a liquefied natural gas spot cargo for June delivery at around $14 per million British thermal units, according to a company official.

PTT will buy the June cargo from a specific project operator and not a portfolio seller, said the official who asked not to be identified as he isn’t authorized to speak to the media. The company is still evaluating the five offers it received for a July-delivered shipment, he said.

PTT closed a third buy tender April 22 for two LNG cargoes shipped in June and July to its Map Ta Phut terminal. In January, the company bought four LNG spot cargoes delivered from March to June.

PTT owns and operates the 5 million metric ton-a-year Map Ta Phut terminal in Rayong that began operating in the third quarter of 2011. It signed its first long-term contract with Qatargas in December 2012 for 2 million tons of LNG annually for 20 years starting in 2015, according to data compiled by Bloomberg.

PTT needs to buy as much as 2 million tons of spot LNG in 2013 to meet power-industry demand, the official said on April 12. The company has taken delivery of four spot LNG cargoes from Qatar totaling 381,757 tons to date, according to customs and ship tracking data.

To contact the reporter on this story: Chou Hui Hong in Singapore at chong43@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net

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