Asian LNG buyers in command
The region’s biggest importers want cheaper supplies
WHEN oil prices were high and liquefied natural gas supplies tight, buyers had no choice but to sign up for high-priced gas arranged through fixed long-term supply deals. Now Asia’s biggest buyers want cheaper supplies and more flexible terms. Exporters have little choice but to comply. CNPC’s boss Wang Yilin said in March that his firm even wants to renegotiate the terms of its LNG supply deal with Qatar. The company signed a 25-year supply deal with Qatargas and Shell for 3m tonnes a year of LNG. That was in 2010, when buyers needed nous just to find spare supply. Yilin did not say whether the deal would allow for a price review. But LNG is abundant these days, and exporters are having to
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