With the liquefied natural gas (LNG) industry undergoing a metamorphosis in the way it operates commercially, the deal reached earlier this year by Algeria and the European Commission over how gas-supply contracts are drafted has provided welcome clarity. Until relatively recently, the complexity and cost of LNG technology meant that it was a niche fuel, competitive only under particular sets of circumstances and in particular markets. The complexity of the hardware was matched by the complexity of the commercial arrangements put in place to ensure that billion-dollar investments would earn an appropriate return.
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