(MENAFN) The globe's biggest LNG buyers, all in Asia are joining to secure more flexible supply deals in a move to shifts power to importers from producers as oversupply grows.
Additionally, Korea Gas Corp has inked a deal in mid-March with Japan's Jera and China National Offshore Oil Corp to exchange information and co-op in the joint procurement of LNG.
However, a tough period of high LNG prices before 2014 left Asian importers suffering to contain losses and led to the first talks between India, Japan, S. Korea and China.
Recently, buyers aim to extract concessions from producers that would give them supply flexibility, like having the right to re-sell imports to third parties.
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