AIPN Approves New Version of Its Model LNG Master Sale and Purchase Agreement

  AIPN Approves New Version of Its Model LNG Master Sale and Purchase
  Agreement

Business Wire

HOUSTON -- July 06, 2012

The Board of Directors of the Association of International Petroleum
Negotiators (AIPN) has published the 2012 version of its unified Model LNG
Master Sale and Purchase Agreement (MSPA).

“The 2012 version broadens the 2009 MSPA to address a variety of liquefied
natural gas (LNG) trading arrangements,” said AIPN President William
Lafferrandre, ConocoPhillips.

“The new MSPA is a positive step forward for the growing LNG trading industry
and will help promote the development of an LNG secondary market by reducing
transactional costs and time involved in trading and hedging cargoes.”

AIPN anticipates that the model MSPA will help the industry establish a more
efficient secondary market for LNG that will facilitate trading and arbitrage
of LNG cargoes.

“The approval of the MSPA concludes the drafting committee’s work, which
lasted more than four years and involved nearly 200 industry representatives,”
said AIPN’s Vice President of Model Contracts David Davies.

The effort was led by co-chairs Harry W. Sullivan Jr. and Steven R. Miles,
Baker Botts LLP.

The committee held more than 15 meetings and workshops in seven countries on
five continents to consult with industry representatives to develop and
finalize the MSPA. The drafting committee was a broad representation from the
AIPN membership, including members from several of the major LNG sellers,
buyers, transporters and traders worldwide as well as from international law
firms and other oil and gas companies.

The 2012 revised MSPA is the latest in a series of hydrocarbon-related model
contracts published by the AIPN to facilitate the negotiation of energy
transactions around the globe. The MSPA and other model contracts are
available complimentary to AIPN members, and may be purchased by non-members
for a nominal fee on AIPN's Web site, www.aipn.org.

The AIPN is a non-profit organization founded in 1981 to develop the
professional relationships and education of international energy negotiators.
The 3,900 members of the AIPN are located in more than 90 countries,
representing numerous international oil and gas companies, host governments
and national oil companies, law firms and advisory firms, multilateral
organizations and academic institutions. AIPN members come from a variety of
disciplines including commercial, technical, academic and legal.

Contact:

AIPN
Angelique Vesey, 281-558-7715
Executive Director
angelique@aipn.org