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Norton Rose Fulbright advises S-OIL on LNG supply contract

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LNG Industry,


Norton Rose Fulbright has announced that it advised S-OIL Corp., a South Korean refiner, on a 15-year long-term LNG supply contract with Petronas LNG Ltd.

Under the terms of the agreement, which was signed on 25 August this year, S-OIL will reportedly purchase 700 000 tpy of LNG from Petronas, commencing in March 2018 through March 2033. This fuel will be used at the company’s plants and as a feedstock for petrochemical products.

The Norton Rose Fulbright team that worked on the deal was led by Singapore partner Ben Smith, who was supported by Tatiana Gotvig – a senior associate based in Sydney.

Smith said: “We are pleased to have successfully assisted S-OIL on their first LNG supply contract. S-OIL is a good example of the new types of players coming into the LNG market, in this case a large industrial consumer of gas that has made the most of domestic deregulation to access the international market for gas directly. We are seeing deregulation in a number of markets, which potentially will increase the market penetration of LNG in the region. Singapore has taken a different approach by selecting LNG importers to supply the domestic market. Interestingly, this deal is another example of Petronas transitioning from being a producer of LNG to having a trading portfolio of supply sources and customers. As the LNG industry evolves we are excited to support a range of customers, approaching the industry from all angles, from small scale and floating solutions to large scale liquefaction projects in the US, and we look forward to supporting clients’ evolving business models in the industry going forward.”

Read the article online at: https://www.lngindustry.com/small-scale-lng/15092017/norton-rose-fulbright-advises-s-oil-on-lng-supply-contract/

 

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