Long term gas contracts : principles and applications
Estache, Antonio
The paper begins by comparing gas and the gas industry with oil and the oil industry. The two fields are obviously related, but they have differences that may be both distinctive and instructive. For example, oil-product contracts are relatively straightfoward because oil can be traded by individual buyers on a case-by-case basis. The paper's central focus is on the elements of long-term gas contracts and the main commercial motivations for them. The concentration is on long-term pipeline contracts because these seem most relevant for developing countries. Liquified natural gas is a special case, which mainly involves exports to industrialized countries. Spot deals, which presuppose a highly developed gas industry, typically with spare capacity in the gas system, usually do not apply to developing countries. Similarly, gas transport services offered by gas producers are not typical for developing countries and are only briefly touched upon. The paper does describe examples of regulatory frameworks, which are extremely important to the structure of the industry. The paper lists points that negotiators may have to address in long-term gas contracts and presents and discusses possible solutions. The lists of problems and solutions, together with the table of contents, constitute a kind of checklist for negotiators.
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