Introduction

Price reviews under liquefied natural gas ("LNG") contracts, common in the European Union in the last decade or so, are increasingly being pursued in Asia, as reflected for instance by the recent news of South Korea's state-owned importer KOGAS's entering into a price review arbitration with the North West Shelf joint venture (operated by Woodside Petroleum), reportedly following a dispute between the parties as to the pricing of a mid-term supply contract. After years of gas-pricing disputes changing the face of gas supply transactions throughout Europe, the potential for pricing ...