Malaysia’s state energy company, Petronas, and Japan’s Jera, the world’s largest buyer of liquefied natural gas, have signed a three-year supply agreement, underlining large Asian buyers’ desire for shorter, more flexible contracts.
LNG purchase agreements have traditionally run for decades with restricted destination clauses due to the onerous financial commitment needed to develop a project. Contracts have also tended to make buyers take fixed amounts of LNG regardless of their needs.
However, with large projects coming online, as well as LNG from the US, the flow of supplies have led to lower prices, shifting the balance of power to buyers.
Jera said it agreed to buy 2.5m tonnes of LNG a year for three years starting in 2018 — a smaller and shorter contract compared to an agreement with Petronas that expires next year.
Ahmad Adly, Petronas vice president of LNG marketing and trading, said: “New demand terms and conditions are becoming a norm and providing flexible solutions to accommodate the different needs of our buyers is our way forward.”
Jera said it would continue to focus on a “LNG procurement portfolio that enables economical and competitive procurement, as well as flexibility to respond to changes in the business environment”.
The agreement follows a contract between Total and Jera in April with the Japanese company agreeing to buy six cargoes of LNG, four priced on a traditional oil-indexed formula and two on spot market prices.
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