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首页> 外文会议>14th international conference amp; exhibition on liquefied natural gas (LNG 14) >FINANCING LNG IN A TRANS-PACIFIC TRADED LNG MARKET: THE ISSUES
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FINANCING LNG IN A TRANS-PACIFIC TRADED LNG MARKET: THE ISSUES

机译：在跨太平洋贸易的LNG市场中为LNG融资：问题

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The prospect of the development of LNG terminals on the west coast of North America and the ensuing emergence of a genuine trans-Pacific LNG market has generated an ever growing amount of speculation as to its shape and benefits to the wider market. At its best, it would add new liquidity and flexibility to the Pacific LNG trade and make a more traded LNG market a real possibility. But it poses new logistical, commercial and, above all, financing challenges only beginning to be grasped. Key issues have to be addressed to meet these challenges and this paper will examine them. rnA more flexible trade is more difficult to tie down. To what extent will trade be locked into conventional long term take or pay contracts? How will the flexibility of destination arise and how will it be used? How can shipping capacity be mobilised to allow LNG traders to take advantage of arbitrage opportunities? There is little certainty on any of these issues yet, but examining them from a financing perspective helps to shed some light on what may and may not be achievable. rnThe development of trans-Pacific trading might also impact on pricing, both in Asia, and in California as well if LNG is introduced in sufficient volume. Much will depend on the progress and direction of liberalisation in the Asian markets.rnTrading can provide a way of bridging these two markets and reducing LNG sellers and buyers risk. If this reduction of risk is perceived by the banks only as upside from a pessimistic base case it is unlikely to have a benefit for financing. Looked at from this point of view, financing Pacific LNG could become more difficult. However, a genuine reduction of risk should make LNG a better financing proposition. The paper explores ways in which the reduction in risk might be translated into easier financing.
机译：北美西海岸的LNG接收站的发展前景以及随之而来的真正的跨太平洋LNG市场的出现，引起了人们对其形状和对更广泛市场的好处的越来越多的猜测。最好的情况是，这将为太平洋LNG贸易增加新的流动性和灵活性，并使真正交易的LNG市场成为现实。但这带来了新的后勤，商业和最重要的融资挑战，但这些挑战才刚刚开始被认识到。必须解决关键问题以应对这些挑战，本文将对其进行研究。 rn更灵活的贸易更难以束缚。贸易将在多大程度上被锁定在常规的长期合约或支付合约中？目的地的灵活性将如何产生以及如何被使用？如何调动运输能力以使液化天然气贸易商能够利用套利机会？这些问题尚无定论，但从融资的角度研究这些问题有助于弄清可能和可能无法实现的目标。 rn如果引入足够量的液化天然气，跨太平洋贸易的发展也可能会影响亚洲和加利福尼亚的定价。很大程度上取决于亚洲市场自由化的进展和方向。交易可以提供一种桥接这两个市场并降低液化天然气买卖双方风险的方式。如果银行认为这种降低风险只是悲观基本情况的上行，则不太可能从融资中受益。从这个角度来看，为太平洋液化天然气融资可能会变得更加困难。但是，真正降低风险应使液化天然气成为更好的融资方案。本文探讨了将减少风险转化为更轻松的融资的方法。

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  • 会议地点 Doha(QA);Doha(QA);Doha(QA);Doha(QA)
  • 作者

    James Ball; Rob Shepherd; David Ledesma;

  • 作者单位

    Gas Strategies Consulting Limited Gas Strategies, Rodwell House, 100 Middlesex Street London E1 7HD, UK www.gas-strategies.com;

    Gas Strategies Consulting Limited Gas Strategies, Rodwell House, 100 Middlesex Street London E1 7HD, UK www.gas-strategies.com;

    Gas Strategies Consulting Limited Gas Strategies, Rodwell House, 100 Middlesex Street London E1 7HD, UK www.gas-strategies.com;

    Gas Strategies Consulting Limited Gas Strategies, Rodwell House, 100 Middlesex Street London E1 7HD, UK www.gas-strategies.com;

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  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 TE626.7;
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