Evolution of Long-Term LNG Sales Contracts: Trends and Issues
Article from: OGEL 1 (2006), in Liquefied Natural Gas (LNG)
Introduction
During the 40+ year history of the LNG industry, customs and practices have developed with regard to documenting long-term LNG sales ("SPAs"). Although the foundational approach to SPAs has, in general, remained unaffected since the first contracts of the early 1960's, market changes, fresh challenges and new players are resulting in approaches to contractual terms that may differ from the "traditional" LNG way. While clearly much can be learned from past LNG precedent, present circum-stances may necessitate a different course than in past SPAs. This article will review ...