Price review disputes have become an increasingly prominent feature in gas and LNG markets over the past two decades. While the first wave of disputes was driven by the ‘triple whammy’ of recession, US shale gas and the liberalisation of the gas markets in Europe, further waves have followed with the development of increasingly liquid trading hubs across Europe, ongoing volatility in commodity prices and the continuing influx of liquefied natural gas (LNG) into Europe. And the centre of gravity for price review disputes is increasingly found in Asian markets rather than European ones. This practical second edition will cover the various aspects of international gas and LNG pricing disputes. It contains contributions from leading international arbitration practitioners and arbitrators in the field and industry experts. It covers the various stages of a gas pricing dispute, from drafting the clause to triggering a review, all the way through the various stages of the arbitral process. It also builds on the previous editions with new chapters which reflect how price review practice has evolved. Thus, the new edition has more emphasis on price reviews in Asian markets and also includes new chapters on key issues such as the role of competition law in price reviews and the impact of previous arbitral awards on future price reviews under the same contract. Despite the large number of high-value disputes in this area, this is one of the very few publications to draw together the various strands of gas pricing disputes into one book. It is therefore an invaluable guide for practitioners, in-house counsel and anyone else with an interest in this area.
