BP publishes LNG contract templates to push industry standardization

Euronews | Aug 15, 2019 at 12:34 PM
  • Global oil and gas major BP has published its master sales and purchase contract templates for its liquefied natural gas (LNG) trading business and says it is the first of its peers to do so.
  • BP already has a standardised template – known as its general terms and conditions (GT&Cs) – for the sale and purchase of crude oil and refined oil products that is widely used by other companies as well.
  • With LNG spot volumes expected to grow as new liquefaction projects come online, standardised contracts could lower entry barriers and attract more companies to the market.