« The essential evolution of LNG trading-moving to GTCs », par Ruchdi Maalouf


Ecrit par Ruchdi Maalouf, The Journal of World Energy Law & Business, 24 septembre 2018


« On 12 June 2018, French law firm De Gaulle Fleurance & Associés released a set of proposed general terms and conditions (GTCs) to be used for the sale and purchase of liquefied natural gas (LNG), the LNG GTCs 2018. The GTCs, which were developed with input from several LNG experts (including lawyers, traders and surveyors), in order to deliver a set of market ready terms and conditions, offer a credible alternative to the customary route of using the master LNG sales and purchases agreement (MSPA) to trade LNG cargoes which will give greater impetus to growing the short-term LNG trade sector. The GTCs, which recognize that the current contracting methodology of using MSPAs is burdensome, inefficient and obstructive to liquidity, efficiency and tradability, follow an attempt to develop a proof-of-concept over 6 years ago. In moving from the academic to the practical, the GTCs have been drafted and made publicly available in order to demonstrate that using GTCs for promoting the growth of short-term LNG trading is more than a theoretically desirable development. »

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