LNG is so expensive that buyers are PAYING to exit contracts🚢💰
🇨🇳 China's Foran will pay ~$19 million to cancel a small LNG purchase deal linked to spot prices
💸 Why? Asian LNG spot prices have surged 1400% since Foran signed the deal in July 2020
H/T @danmurtaugh
🇨🇳 China's Foran will pay ~$19 million to cancel a small LNG purchase deal linked to spot prices
💸 Why? Asian LNG spot prices have surged 1400% since Foran signed the deal in July 2020
H/T @danmurtaugh
Then Foran signed a new contract to buy 2-4 LNG cargoes a year from SinoChem from 2023-2039
The price of those cargoes will be linked to the Henry Hub gas index in the US, which hasn't surged nearly as much as spot LNG prices
The price of those cargoes will be linked to the Henry Hub gas index in the US, which hasn't surged nearly as much as spot LNG prices
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