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James English, senior counsel in Clark Hill’s Houston office.

The liquefied natural gas (LNG) boom in the United States, Australia and Qatar has ushered in a new era of short-term supply deals for the natural gas industry. The International Group of LNG Importers (GIIGNL) has reported that 30 percent of LNG purchases are now considered short- term. In response to this boom in short-term LNG trading, several industry participants have published model forms to facilitate deals. Four of those models, which are normally referred to as Master Sale and Purchase Agreements, have been especially influential. They include a model published by GIIGNL; Trafigura, a large Singaporean trading house; BP, a major oil company; and AIPN, an organization of international negotiators. Each model has its strengths and weakness that a practitioner should consider.

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