Floating Production Intelligence

Floating Production Intelligence

Pertamina: 10 LNG Cargoes to Asia Buyers

June 18, 2014

Floating Production Intelligence LLC.

Indonesia's Pertamina is offering to sell 10 surplus liquefied natural gas (LNG) cargoes to Asian consumers, loading from July to early November, after a recent nine-cargo deal with BP, trade sources said.

Pertamina is offering the cargoes from its Bontang liquefaction plant after its long-term buyers opted to take less supply this year, due to high inventories.

Pertamina has 10 cargoes to offer between now and early November with a couple in July and the rest mainly in September and October, one trader said.

Pertamina has had 20 surplus cargoes to sell since April, when its long-term customers can exercise contractual flexibility to reduce offtake in periods of lower-than-expected demand.

BP picked up nine Bontang cargoes from Pertamina on a free-on-board basis recently, another trader said.

Korea Gas Corp., or Kogas, is a long-term buyer of Bontang LNG, and has been trying to defer or swap out cargoes due to an oversupply of around 30 cargoes this summer.


Reporting by Oleg Vukmanovic

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