Abstract

In order to discuss portfolio SPAs, it is necessary first to clarify the terminology used; a portfolio SPA is a type of an LNG SPA and a form of portfolio sale, the other being a multi-cargo sale under a master LNG SPA. Portfolio sales are conducted as part of portfolio marketing by a portfolio operator, or for LNG portfolio optimization by a party with an LNG portfolio. Historically, the LNG industry has evolved from a small club of producers and importers, to a complex industry with different layers of parties involved. As spot and short-term markets grew, portfolio sales ...