Contract Structure and Risk Control in LNG Regasification

8/12/2019 Contract Structure and Risk Control in LNG Regasification

1/48

BY HIMADRI BANERJI

EX CEO RELIANCE ENERGY

MD ECOURJA

Presented by Dr. Himadri Banerji at the LNGTerminals and Distribution IBC Asia Singapore

1st to 4th July July 2013 1


2/48

CONTENTS

THE CHANGING PARADIGM : NON RECOURSEFINANCING A REALITY IN LNG REGASIFICATION PROJECTS

EVOLVING PROJECT CONTRACT STRUCTURES FOR R-LNG

RISK ALLOCATION AND ISSUES IN LNG IMPORTTERMINALS

LESSONS IN RISK MITIGATION & CONTROL : CASE STUDY

ON PETRONET LNG LTD DAHEJ TERMINAL




3/48

Non recourse Financinga reality in LNG Import terminals




4/48

Until the 1990s, the industry was largely financed on the back of state-to-state agreements

among strong national counter-parties with the active involvement of high investment

grade-rated major oil companies and equivalently rated utilities

!he projects implemented over the past decade have seen an increasing reliance on limited

recourse finance, but with high or medium investment grade countries on either end of the

Non recor!e F"n#nc"n$

# re#%"' "n LNG I()or er("n#%!

Presented by Dr. Himadri Banerji at the LNGTerminals and Distribution IBC Asia Singapore1st to 4th July July 2013 4

"ignificantly, the only large project during the period not fitting that approach or benefiting

from structural supports to achieve that result, #igeria #$%, was developed from sponsors&

own equity funds

'ven those that were implemented using project finance for the most part involved a critical

combination of host government&s supports and undertakings on the supply and offtake

ends and the integration into the overall financing of multilateral agency or e(port agency

credits


5/48

Non Recor!e F"n#nc"n$# Re#%"' "n LNG Re$#!"*"c#"on Ter("n#%!

!he emergence of a new type of $#% buyers has stressed the need to adapt the

finance structure of this capital-e(tensive industry

)eveloping markets such as *ndia and +hina represent the largest potential for the

$#% business while 'uropean nations, apan, orea and !aiwan&s consumption have

stabili.ed for the last couple of years

- -

Presented by Dr. Himadri Banerji at the LNG Terminals and Distribution IBC AsiaSingapore 1st to 4th July July 2013 5

investment grade major oil companies and equivalent rated utilities, new LNGinvestments rely on below investment grade entities to ensure sufficient long-

term revenues to support a multi-billion dollar investment chain. the non

recourse financing

T+e "!!e! r#"!e, ' +"! !"#"on #re co()on,e, ' +e #))ro#c+ e"n$ #.en o/#r,!

+e *"n#nc"n$ o* +e ,"**eren "n-conr' co()onen! o* +e c+#"n0 +e LNG )or 1 "()or

er("n#% 1 re$#!"*"c#"on n" #n, !or#$e on +e one +#n, #n, +e ,"!r""on ne/or.

#n, )o/er )%#n! on +e o+er +#n,2 /"+ +e e()+#!"! e"n$ )%#ce, on +e )r"3#e !ecor2

IPP! #n, C%e#n Ener$' De3e%o)(en


6/48


7/48

E3o%3"n$ Pro4ec Conr#c Srcre



Merchant


8/48





9/48

E3o%3"n$ Pro4ec Conr#c Srcre!

Perone Koc+" LNG




10/48





11/48





12/48

RISK ALLOCATION AND CONTROL IN

LNG IMPORT TERMINAL



13/48

RISK ALLOCATION AND CONTROL INLNG IMPORT TERMINAL



14/48

KEY RISK ISSUES

I "! o*en !#", +# +e e!!en"#% c+#r#cer"!"c o* )ro4ec *"n#nce "! +e

(e+o,o%o$' o* r"!. ",en"*"c#"on #n, !!e6en r"!. #%%oc#"on #n,

conro%

RISK ALLOCATION AND CONTROL IN

LNG IMPORT TERMINAL


7e*ore ener"n$ "no # ,"!c!!"on o* +e *"n#nc"n$-!)ec"*"c #!)ec! o* LNGRe$#!"*"c#"on Ter("n#%!2 " "! /or+/+"%e re3"e/"n$ +e 3#r"o!

co()onen e%e(en! o* +e R-LNG c+#"n *or( +e )er!)ec"3e o* r"!.

#n#%'!"!.


15/48

LNG Re$#!"*"c#"on Ter("n#% Pro4ec R"!. M""$#"on M#r"8

T')e o* R"!. R"!. A%%oc#e, o M""$#"on

M#r.e R"!.!

-O**-#.e

- P#'(en5

Pro4ec Co51O**-#.er

O**-#.er1G#r#nor

S"#%e #$ree(en!

Cre," En+#nce(en

Tec+no%o$' EPC Conr#cor

Con"n"n$ S))or


-

- F#c"%"' De!"$n &Per*or(#nce

- D#(#$e

Pro4ec Co5

2

In!r#nce

F"n#nc"#%

- Inere! R#e

- In*%#"on

- F8 F%c#"on

Pro4ec Co5

Pro4ec Co5

Pro4ec Co5

He,$"n$2

Force M#4ere Pro4ec Co5 In!r#nce!

7#c. o #c. c%#!e! o*

A$ree(en!Presented by Dr. Himadri Banerji at the LNGTerminals and Distribution IBC Asia Singapore1st to 4th July July 2013 15


16/48

5Pro4ec Iner,e)en,enc'

;5Con!rc"on R"!.< De%#'! "n con!rc"on

< Co!-O3errn!

< Per*or(#nce e%o/ $#r#nee,


=5U)!re#( S))%' R"!.

< In!**"c"en Re!er3e!

< F#"%re o* S))%'

>5Do/n!re#( M#r.e R"!.< L#c. o* M#r.e De(#n,

< Co()e"n$ Fe%!

< Do/n!re#( 7'er Cre," R"!.



)#r#(e er!

< M#er"#%! #n, L#or Co! #n, A3#"%#"%"'

?5 O)er#"n$ R"!.

< O)er#or )er*or(#nce

< E6")(en *#"%re!

< Incre#!e, o)er#"on#% co!!

< L#or A3#"%#"%"' @e5$52 !e#*#rer!

< Re$%#or' 1 Le$#% Re$"(e

B5 Cre," & P#'(en R"!.

< R"!. o* Non-P#'(en

< LNG or G#! O**#.er Cre,"/or+"ne!!

< C+#rerer Cre,"/or+"ne!!

5 L"6","' R"!.

< Co!-o3errn!

< In3o"ce #n, c#!+-*%o/ ("!(#c+e!

< Co(("!!"on"n$ #n, r#()-) )er"o,!


17/48


5 Force M#4ere< Un*ore!ee#%e r"!.

< Ac! o* Go,

< Iner-,e)en,enc' o* *orce (#4ere c%#!e! +ro$+o LNG S))%' C+#"n

< Force M#4ere C%#!e! *re6en%' no #c.-o-#c.

5 Po%""c#% R"!.

< Go3ern(en#% !))or *or )ro4ec

< Per(""n$ #n, A+or"#"on!



< Ro%e o* S#e "n S))%'2 Tr#n!)or#"on #n, O**#.e

5 Le$#% R"!.

< 7re#c+ o* conr#c #n, non-)er*or(#nce

< En*orce#"%"'

< Conr#c#% #("$"' or !"%ence< D"!)e re!o%"on

< De3e%o)e, 3!5 De3e%o)"n$ Re$%#or' En3"ron(en

5 Gener#% Econo("c R"!.

< LNG #n, G#! De(#n, #n, S))%'< LNG Ve!!e% De(#n, #n, S))%'


18/48

CASE STUDY IN RISK ALLOCATION AND CONTROL IN



INDIAS FIRST PETRONET LNG IMPORT TERMINAL AT DAHEJ


19/48

PLL +#! een )ro(oe, ' *or PSU o"% & $#! co()#n"e! 3"5 ONGC2

GAIL2 IOC #n, 7PCL /"+ e#c+ o* +e( +#3"n$ ;5> e6"' !#.e5

G# De Fr#nce @GDF #n, A!"#n De3e%o)(en 7#n. @AD7 +#3e

#n, >5; !#.e "n +e co()#n' /"+ +e re! +e%, ' "n!""on#%

Pro*"%e Perone LNG L,55#n R-LNG Co()#n'



"n3e!or! #n, $ener#% )%"c5

PLL +#, co(("!!"one, # > MMTPA LNG re$#!"*"c#"on )%#n # D#+e42

G4#r# "n A)r"% ;= #n, %#er e8)#n,e, +e c#)#c"' o MMTPA "n

J%' ;


20/48

T+e o)er#"on! o* +e co()#n' #re $o3erne, ' +e )ro3"!"on! o*

# !er"e! o* #$ree(en! !c+ #!

S))%' )rc+#!e #$ree(en @SPA /"+ R#!G#!2 ##r2

T"(e C+#rer A$ree(en @TCA /"+ M"!" OSK




2

Por O)er#"on! Ser3"ce A$ree(en @POSA /"+ #

S"n$#)ore con!or"(2

G#! S))%' Prc+#!e A$ree(en @GSPA /"+ +eo**#.er!2 #n, P#'(en Secr"' Mec+#n"!(5


21/48

PLL !orce! LNG *ro( R#!G#!2 ##r n,er # ;> 'e#r SPA2

*or /+"c+ )r"ce! /ere %".e, o # *"8e, )r"ce o* J#)#n C!o(! C%e#re,

@JCC cr,e "n +e )er"o, A)r"% ;=-Dec ;5

In +e !!e6en )er"o, J#n ;-Dec ;?2 LNG )r"ce! /"%% $r#,#%%'

"ncre#!e o $e %"n.e, /"+ +e recen cr,e o"% )r"ce! #n, /"%% e3en#%%'

e *%%' "n,e8e, o recen cr,e o"% )r"ce! /"+ # *%oor #n, c#)5




E8ce) ,r"n$ Force M#4ere e3en!2 PLL "! co(("e, o ' LNG *ro(R#!G#! # +e conr#ce, 6#n"'5

For r#n!)or"n$ LNG o "! )%#n2 PLL +#! enere, "no TCA /"+ M"!"

con!or"(2 /+o +#3e ,e)%o'e, +ree ,e,"c#e, LNG !+")! *or +eco()#n'


22/48

Lon$-er( co(("e, R-LNG *ro( +e D#+e4 )%#n "! !o%, o GAIL2

IOC & 7PCL "n +e r#"o B:?:2 +ro$+ +e GSPA5

Ter(! #n, con,""on! o* GSPA #re co-er("n! /"+ +# o* SPA5

T+e o**#.er! +#3e #.e or )#' %"#"%""e! o PLL #n, +e %#er +#!




5

9+"%e +e O&M o* +e re$#!"*"c#"on

)%#n "! ,one ' Perone LNG

M#r"ne !er3"ce! #re n,er#.en ' PSAM#r"ne2 S"n$#)ore5

P#'(en! o R#!G#!2 !+"))er!2

O&M #$en #n, ,e !er3"c"n$ #re

$o3erne, 7' )#'(en !ecr"'

(ec+#n"!(

De!cr"e, %#er


23/48

PLL "! #o o co(("!!"on > MMTPA

$reen*"e%, re$#!"*"c#"on er("n#% # Koc+" "n

M#rc+1A)r"% ;?5

T+e co()#n' +#! SPA o* 5== MMTPA /"+

E88on Mo"% *or "! )co("n$ Koc+" er("n#%

#n, +#! GSPA /"+ o**#.er! *or +e !#(e


T+e co()#n' "! #%!o !e"n$ ) # >

MMTPA $reen*"e%, re$#!"*"c#"on

er("n#% # G#n$#3#r#( @An,+r#



6#n"' on +e #c. o #c. #!"!5

7e!",e!2 +e co()#n' "! #%!o e8)#n,"n$ +e

c#)#c"' o* "! D#+e4 er("n#% *ro( MMTPA

o > MMTPA @D#+e4 P+#!e III )ro4ec5

Por5


24/48

Dr"n$ ;-;2 PLL re)ore, # ne

)ro*" o* R!5 > crore on #n

o er#"n "nco(e o* R!5 ;; crore




9+"%e +e co()#n' re)ore, # ne

)ro*" o* R!5 = crore on #n o)er#"n$

"nco(e o* R!5 ;?; crore "n M ;;-

? @A)r"%-Dece(er ;; #! )er

n#,"e, con!o%",#e, re!%!


25/48


INDIAS FIRST PETRONET LNG IMPORT TERMINAL AT DAHEJ

Pro*"%e o* Pro(oer!

E8ce%%en Tr#c. Recor,T/o o o* For "n L"! o* To) Forne > Co()#n"e!

No E8)er"ence "n LNG

P#ren co()#n' G#r#nee! E8en,e, o Perone

Tec+n"c#% P#rner!

G#! D Fr#n GDFGDF "n LNG 7!"ne!! o3er *"3e ,ec#,e!

Presented by Dr. Himadri Banerji at the LNG

Terminals and Distribution IBC Asia Singapore1st to 4th July July 2013 25


26/48

PLL R"!. Conro%

R#! G#! #! LNG S))%"er

9e%% E!#%"!+e, S))%"er o* LNG


DAHEJ PETRONET LNG IMPORT TERMINAL

Perone LNG +#! o)"on o #.e e6"' "n R#! G#! II SPV

E8)er"ence o* Tr#n!)orer

M"!"

NYKK%"ne

SCI




27/48

Pro4ec De3e%o)(en R"!. M#n#$e(en

In""#% Pro4ec De3e%o)(en T"(e M"n"("e,5



ro ec n#nce o!re #! #! #r#n ee! o en er! $ 3en '

S)on!or!

F#!er M#r.e T"e U)! #n, +ence Co((erc"#% Co(("!!"on"n$




28/48

Con!rc"on R"!. M#n#$e(en

F"8e, Co!2 F"8e, T"(e EPC Con!rc"on Conr#c o re)e, con!rcor

#*er IC7 or $%o#% ",,"n$

CASE STUDY IN RISK ALLOCATION AND CONTROL INDAHEJ PETRONET LNG IMPORT TERMINAL

C#! F o/! ence Con!rc"on S!#"ne /" Len er G#r#nee! $"3en

' !)on!or!

Sr"n$en Per*or(#nce G#r#nee! A3o",e, Con!rc"on #%"'2 De%#'!

#n, O3er Rn!

Len,er En$"neer"n$ Mo M#c,on#%,

PMC ' Fo!er 9+ee%er




29/48

Co(("!!"on"n$ o* G#! O**-#.e F#c"%""e!55G#r#nee, ' GAIL

R#! G#! II )%#ce, o** !+ore EPC conr#c on J5 R#' McDer(o #n,

on!+ore EPC conr#c on M"!" C+"'o,#5



H#3e e8)er"ence "n "%,"n$ LNG Tr#"n! *or ADG#! #n, O(#n LNG

Ve!!e% O/ner! P%#ce conr#c! *or "%,"n$ !+")! on D#e/oo

S+")'#r,!F"8e, T"(e2 *"8e, )r"ce /"+ LD o* ; *or ,e%#'! ec #n,$#r#nee! $"3en *or ,e%"3er' o* !+")! "n "(e5




30/48

O)er#"on#% R"!. M#n#$e(en

9+# #re O)er#"on#% R"!.!


# re o er or( or ro ce o )ec c# on!

He#3' *#"%re! o* E6")(en

S#*e' #n, Acc",en!55

H##r,! o En3"ron(en #n, Co((n"'




31/48

/'2!*#% *" +/#!/$ 3242) !/ +/55U#*!*'"

PLL Risk Control




32/48

R"!.!:

5 Co! o* O&M 7e'on, 7,$e F"n#nc"#% Pro4ec"on!

;5 D"!r)"on! "n S))%' o* LNG o rn P%#n?5 D"!r)"on! "n O**-#.e

=5 C#!+ F%o/ Inerr)"on! #n, Pen#%"e!



Conro%

Tec+n"c#% Ser3"ce A$ree(en !"$ne, /"+ GDF *or

O&M S)er3"!"on #n, Tr#"n"n$ o* O)er#or! #n,

M#"nen#nce S#** o* Perone LNG *or # )er"o, o* ? 'e#r!5

GDF #%!o #.e! e6"' "n Perone LNG S)ec"#% O&M Re!er3e Cre#e, *or C#!+ re6"re(en! *or ?

Mon+! O&M #n, Ve+"c%e C+#rer H"re *or ? Mon+!5




33/48

LNG S))%' R"!. M#n#$e(en

LNG !))%' #!!re, +ro$+ S))%' Conr#c /"+ R#! G#! II

S))%' #!!re, *ro( Tr#"n! #n, ; /+o!e #3#"%#"%"' +#! een

5> #n, r#"n No ?R#! G#! +#! #cce!! o ; ; S6 K( /or%,! %#r$e! Non

A!!oc"#e, $#! *"e%,! "n ##r





Re!er3e! cer"*"e, ' SSI #n, NSAI

In c#!e o* !+or*#%% S#e o* ##r o $"3e #,,""on#% $#! *"e%,!5

R#! G#! II +#! een !))%'"n$ n"nerr)e,%' LNG o Kore# G#!

*ro( >5

R#! G#! #%!o !))%"e! !+or er( !)o LNG o GDF


34/48






35/48



Perone LNG M#r.e R"!.!

O+er !orce o* !))%' o* G#! )#r%' o**!e ' De(#n, S))%' G#)

Lon$ Ter( O**-#.e A$ree(en! /"+ L#r$e Con!(er!

Iner(e,"#e O**-#.er! +#3e G#! S#%e A$ree(en! /"+ %#r$e)o/er #n, *er"%"er c!o(er!

Pr"ce ne$o"#e, /"+ RAS G#! o (#.e )r"ce #**or,#%e o

,o/n!re#( !er!5




36/48



Re3ene R"!. o* PLL

Lon$ er( GSPA

Re$#!"*"c#"on C+#r$e Srcre, o (ee #!e %e3e% c#!+ *%o/! *or

O&M #n, o+er!

Re$#!"*"c#"on C+#r$e! o e re3"e/e, e3er' +ree 'e#r! *or

"n*%#"on

LNG Co!! #! P#!! +ro$+ o Iner(e,"#e O**-#.er!




37/48



Inere! R#e #n, Fore"$n E8c+#n$e R"!.

Inere! R#e R"!. F"8e, Inere! R#e! on Lo#n! o e re!e e3er' +ree

'e#r!

6 ' !))or #$ree(en / o # er! e

!er3"ce co()onen n,er Ann#% T#.e or P#' %"#"%"'o e !er3"ce, on re$%#r #!"!5

Fore"$n E8c+#n$e R"!.

E8c+#n$e r#e *%c#"on! %"n.e, o +e LNG co!! #%!o

)#!! +ro$+ o o**-#.er!5 A%% %on$ er( %o#n! ,eno("n#e, "n R)ee! o #3o", #n'

("!(#c+ /"+ +e R)ee #!e, re$#!"*"c#"on c+#r$e!5




38/48



Po%""c#% Force M#4ere R"!.!

Go3ern(en #c"on!1Re$%#"on! #**ec"n$ )ro4ec5 Po%"c' En3"ron(en5

E8en o* Go3ern(en conro%

T+r! $"3en ' Go3ern(en o* In,"# o ,e3e%o) LNG Ter("n#%! o r",$e+e De(#n,-!))%' $#)5

F#3or#%e *"!c#% )o%"c' o* Go3ern(en o* In,"# *or encor#$"n$"n3e!(en! "n LNG !ecor5

LNG "()or! n,er O)en Gener#% L"cen!e5

Lo/ c!o(! ,' o* > on LNG "()or!5

C!o(! ,' on c#)"#% "()or! *or LNG er("n#%! re,ce, o ;5 N"% e8c"!e ,' on re$#!"*"e, LNG5

Pro3"!"on! "n GSPA! *or re!or"n$ !#! 6o "n c#!e o* C+#n$e "n L#/5




39/48



Non-Po%""c#% Force M#4ere R"!.!

E3en! no n,er +e conro% o* )ro4ec )#r"c")#n! @#c! o*Go,2 e)",e("c! !r".e! ec

D#(#$e or *#"%re o* )ro4ec *#c"%""e!5

Non-+#r(on"#"on o* *orce (#4ere ,e*"n""on! #cro!!

conr#c! @e5$5 LNG SPA 3"!--3"! GSPA5

Co()re+en!"3e Pro)er' D#(#$e In!r#nce Co3er#$e *orPro4ec

7!"ne!! Inerr)"on In!r#nce! o co3er *"8e, co!!

Terror"!(2 O**!+ore & on!+ore %"#"%""e! In!r#nce Co3er!

7#c. o 7#c. Force M#4ere C%#!e! #cro!! )ro4ec conr#c!




40/48

CASE STUDY IN RISK ALLOCATION AND CONTROL INPETRONET LNG IMPORT TERMINAL

Fn,"n$ R"!.! o Pro4ec

Non-#3#"%#"%"' o* !**"c"en *n,! o co()%ee +e Pro4ec

Pro(oer $#r#nee, !+or er( %o#n! con3ere, "no %on$ er(

%"("e, recor!e )ro4ec *"n#nc"n$ *#c"%""e! on )ro4ec co()%e"on5

S+#re+o%,er! 1 S+#re S!cr")"on A$ree(en! !"$ne, ' For

!)on!or!2 GDF #n, AD7 *or B>5; e6"'5

IPO co()%ee, *or +e #%#nce e6"'5




41/48


Cre," En+#nce(en! Re!",#% R"!.! 9or."n$ C#)"#% Fn,"n$

Tr! & Reen"on Accon! +ro$+ /+"c+ #%% c#!+ *%o/! o* Pro4ecCo()#n' #re roe,

C#!+ F%o/ 9#er*#%% o Pr"or""e P#'(en!

De Ser3"ce Re!er3e Accon! *or !er3"c"n$ ,e! "n c#!e o*

!+or er( c#!+ *%o/ ("!(#c+e!5

Perone LNG E8)er"ence:

Se)#r#e Tr! & Reen"on Accon!2 one *or ro"n$ c#!+*%o/! "n re!)ec o* LNG #n, c+#rer +"re )#'(en! #n, !econ, *or

#%% o+er c#!+ *%o/!5

C#!+ F%o/ 9#er*#%% o Pr"or""e P#'(en!

S"8 (on+ ,e !er3"ce e6"3#%en LC o)ene, "n %"e o* DSRAPresented by Dr. Himadri Banerji at the LNG




42/48





JOINT PAYMENT SECURITY MECHANISM


43/48

Jo"n P#'(en Secr"' Mec+#n"!(

PLL #n, R#!G#! +#3e #$ree, )on # PSM2 /+"c+ en3"!#$e! +# +e )#'(en!*ro( +e o**-#.er! /o%, e !)%" "no /o !re#(!2

One co3er"n$ LNG c+#r$e! #n, c+#rer +"re )#'(en!2 #n,

!&%' %T()* +N "+%K &LL,!&T+,N &N) !,NT",L +N

)&' $'T",N'T LNG +#$,"T T'"#+N&L

T+e!e /o%, e ,e)o!"e, "no # Fe% P#'(en Tr! #n, Reen"on Accon@FPTRA #n, # PLL On!+ore Tr! #n, Reen"on Accon @POTRA2re!)ec"3e%'5

FPTRA +#! /o !-#ccon!2 +e LNG C+#r$e Accon2 #n, +e C+#rer H"reC+#r$e Accon2 "no /+"c+ +e *e% )#'(en #n, +e c+#rer +"re c+#r$e!/o%, e ,e)o!"e,





44/48

T+e #(on! ,e o R#!G#! #n, +e LNG S+"))er /o%, e r#n!*erre, o

+e"r re!)ec"3e O**!+ore Tr! Accon! on +e ,e ,#e!5

IPLL #%!o )ro3",e! *or # US Do%%#r ,eno("n#e, !#n,' %eer o* cre,"

!&%' %T()* +N "+%K &LL,!&T+,N &N) !,NT",L +N

)&' $'T",N'T LNG +#$,"T T'"#+N&L

*or co3er"n$ /o (on+! o* )#'(en o +e LNG !))%"er #n, *or (on+!

o* c+#rer )#'(en! o +e !+"))"n$ con!or"(5





45/48

T+e "n*%o/! "no +e PLL On!+ore Accon!2 /+"c+ #re +e re$#!!"*"c#"on

c+#r$e!2 /o%, *"r! e !e, o (#.e !#or' )#'(en! #n,

(ee o)er#"n$ e8)en!e!2 *o%%o/"n$ /+"c+

+e re!",#% #(on /o%, e r#n!*erre, "no # ,e !er3"ce #ccon

!&%' %T()* +N "+%K &LL,!&T+,N &N) !,NT",L +N

)&' $'T",N'T LNG +#$,"T T'"#+N&L

*ro( /+"c+ +e )#'o! /o%, e (#,e o +e %en,er!5

In #,,""on2 PLL +#! o**ere, %eer! o* cre," @LC! o +e %en,er!2 co3er"n$

/o 6#rer%' ,e !er3"c"n$ co(("(en!5

T+e re!",#% c#!+ *%o/! /o%, e #3#"%#%e *or #))ro)r"#"on5





46/48

Dr5 H"(#,r" 7#ner4" :Pro4ec A,3"!or' & Srcre, F"n#nce "n

Ener$' In,!r"e! @O"%2 G#!2 Po/er

< A!!"!#nce o #$enc"e! *or "()%e(en#"on o* )ro4ec! /"+ )r"3#e !ecor)#r"c")#"on +ro$+ 7OOT17OT17OO roe!5

< A!!"!#nce "n )re)#r#"on o* ", ,oc(en! "nc%,"n$ re%e3#n conr#c!#n, #$ree(en!2 e3#%#"on o* ",! #n, !e%ec"on o* ",,er5

< A!!"!#nce o )r"3#e )#r"e! "n )re)#r#"on #n, !("!!"on o* ",! *or

< A!!"!#nce "n #r"** *"%"n$ o $ener#"n$2 r#n!("!!"on #n, ,"!r""onco()#n"e! #n, *r#nc+"!ee 1 re!rcr"n$ #n, )r"3#"!#"on o* S#eE%ecr"c"' 7o#r,!5

< Po%"c' #,3"!or' o Cenr#% & S#e Go3ern(en!2 Cenre #n, S#eE%ecr"c"' Re$%#or' Co(("!!"on!5

< Pre)#r#"on o* 7!"ne!!2 In3e!(en! #n, F"n#nc"n$ P%#n< I,en"*"c#"on o* !orce! o* F"n#nce #n, S'n,"c#"on o* R)ee #n, Fore"$n

crrenc' %o#n5




47/48

Dr5 H"(#,r" 7#ner4" :Pro4ec A,3"!or' & Srcre, F"n#nce "n

Ener$' In,!r"e! @O"%2 G#!2 Po/er

A,3"!or' *or rene/#%e ener$' )ro4ec! /"+ A,3"!or' *or Pro4ec! n,er

In,"#n So%#r M"!!"on< A))r#"!#% o* )ro4ec! "n 3#r"o! Ener$' "n,!r' !ecor!5

< In3e!(en #))r#"!#%! *or re3"e/ o* c#)"#% ,$e"n$ ,ec"!"on )roce!! o*co( #n"e!

< Secr""!#"on #n, o+er !rcre, *"n#nce )ro,c!De D"%"$ence

C#)"#% Srcr"n$

F"n#nc"#% Mo,e%%"n$

R"!. An#%'!"!F"n#nc"#% V"#"%"' S,"e!

Pro4ec De3e%o)(en

EPC Conr#c R"!. M#n#$e(en S))orPresented by Dr. Himadri Banerji at the LNG


62$6' "!2!*/#7 2n $#% !anker being filledcourtesy %ermanischer $loyds


48/48

T&NK *,(



Contract Structure and Risk Control in LNG Regasification

Documents

Transcript of Contract Structure and Risk Control in LNG Regasification