Asia's LNG market set for shake-up

Singapore

A MOVE by Korea Gas Corp (Kogas) to seek arbitration over the terms of a liquefied natural gas (LNG) contract with Australian exporters could herald a shake-up of the region's LNG market as other buyers follow suit, analysts and experts said.

Asian buyers have so far resisted taking on producers over pricing or what they see as restrictive clauses in long-term contracts, some stretching out for decades, but abundant supplies look to be driving a change of heart.