French oil major Total has rejected a force majeure notice from a liquefied natu...
ABERDEEN/SINGAPORE - French oil major Total has rejected a force majeure notice from a liquefied natural gas buyer in China, the first global energy supplier to publicly push back against firms backing out of deals amid the coronavirus outbreak.
“Some Chinese customers, at least one, are trying to use the coronavirus to say I have force majeure,” Philippe Sauquet, head of Total’s gas, renewables and power segment, said during the company’s full-year results presentation on Thursday.Companies invoke force majeure when they cannot meet their contractual obligations because of circumstances beyond their control.
“Force majeure is usually aimed at dealing with events such as unforeseen operational outages, rather than changes in broader economic circumstances, such as LNG demand or exchange rates,” said Rob Patterson, partner at law firm Haynes and Boone. Prices of LNG supplied from long-term contracts are currently more than double the cost of spot cargoes, in an oversupplied market.
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