Contract Structure and Risk Control in LNG Regasification

BY HIMADRI BANERJI EX CEO RELIANCE ENERGY MD ECOURJA
Presented by Dr. Himadri Banerji at the LNG Terminals and Distribution IBC Asia Singapore 1st to 4th July July 2013
CONTENTS
THE CHANGING PARADIGM : NON RECOURSE FINANCING A REALITY IN LNG REGASIFICATION PROJECTS EVOLVING PROJECT CONTRACT STRUCTURES FOR R-LNG RISK ALLOCATION AND ISSUES IN LNG IMPORT TERMINALS LESSONS IN RISK MITIGATION & CONTROL : CASE STUDY ON PETRONET LNG LTD DAHEJ TERMINAL
Non recourse Financing a reality in LNG Import terminals
Non reco r!e F"n#nc"n$ # re#%"&' "n LNG I()or& &er("n#%!

Until the 1990s, the industry was largely financed on the back of state-to-state agreements among strong national counter-parties with the active involvement of high investment grade-rated major oil companies and equivalently rated utilities !he projects implemented over the past decade have seen an increasing reliance on limited recourse finance, but with high or medium investment grade countries on either end of the chain and very strong industry players managing the process "ignificantly, the only large project during the period not fitting that approach or benefiting from structural supports to achieve that result, #igeria #$%, was developed from sponsors& own equity funds 'ven those that were implemented using project finance for the most part involved a critical combination of host government&s supports and undertakings on the supply and offtake ends and the integration into the overall financing of multilateral agency or e(port agency credits
Presented by Dr. Himadri Banerji at the LNG Terminals and Distribution IBC Asia Singapore 1st to 4th July July 2013 4
Non Reco r!e F"n#nc"n$ # Re#%"&' "n LNG Re$#!"*"c#&"on Ter("n#%!

!he emergence of a new type of $#% buyers has stressed the need to adapt the finance structure of this capital-e(tensive industry )eveloping markets such as *ndia and +hina represent the largest potential for the $#% business while 'uropean nations, ,apan, -orea and !aiwan&s consumption have stabili.ed for the last couple of years +ontrasting with investments backed on state-to-state agreements among high investment grade major oil companies and equivalent rated utilities, new LNG investments rely on below investment grade entities to ensure sufficient longterm revenues to support a multi-billion dollar investment chain. the non recourse financing T+e "!! e! r#"!e, -' &+"! !"& #&"on #re co()o n,e, -' &+e #))ro#c+ -e"n$ &#.en &o/#r,! &+e *"n#nc"n$ o* &+e ,"**eren& "n-co n&r' co()onen&! o* &+e c+#"n0 &+e LNG )or& 1 "()or& &er("n#% 1 re$#!"*"c#&"on n"& #n, !&or#$e on &+e one +#n, #n, &+e ,"!&r"- &"on ne&/or. #n, )o/er )%#n&! on &+e o&+er +#n,2 /"&+ &+e e()+#!"! -e"n$ )%#ce, on &+e )r"3#&e !ec&or2 IPP! #n, C%e#n Ener$' De3e%o)(en&
Non Reco r!e F"n#nc"n$ # Re#%"&' "n LNG Re$#!"*"c#&"on Ter("n#%!

Key factors to success of non recourse financing The creation of a strong regulatory framework as well as The limitation of pro ect risks allocated to the LNG Terminal !ompany. "isk #itigated $ro ect !ontract %tructure & well defined pro ect risk allocation and control methodology
Pre*erence &o Pro4ec& To%%"n$ S&r c& re2 /+"c+ &r#n!*er! !o(e o* &+e LNG "()or& - !"ne!! r"!.! ! c+ #! ! ))%' #n, (#r.e& r"!. on *ore"$n or &+"r, )#r&"e!5
E3o%3"n$ Pro4ec& Con&r#c& S&r c& re
Merchant
E3o%3"n$ Pro4ec& Con&r#c& S&r c& re! Pe&rone& Koc+" LNG
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RISK ALLOCATION AND CONTROL IN LNG IMPORT TERMINAL
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KEY RISK ISSUES

I& "! o*&en !#", &+#& &+e e!!en&"#% c+#r#c&er"!&"c o* )ro4ec& *"n#nce "! &+e (e&+o,o%o$' o* r"!. ",en&"*"c#&"on #n, ! -!e6 en& r"!. #%%oc#&"on #n, con&ro% 7e*ore en&er"n$ "n&o # ,"!c !!"on o* &+e *"n#nc"n$-!)ec"*"c #!)ec&! o* LNG Re$#!"*"c#&"on Ter("n#%!2 "& "! /or&+/+"%e re3"e/"n$ &+e 3#r"o ! co()onen& e%e(en&! o* &+e R-LNG c+#"n *or( &+e )er!)ec&"3e o* r"!. #n#%'!"!.
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RISK ALLOCATION AND CONTROL IN LNG IMPORT TERMINAL LNG Re$#!"*"c#&"on Ter("n#% Pro4ec& R"!. M"&"$#&"on M#&r"8
T')e o* R"!. M#r.e& R"!.! -O**-&#.e - P#'(en&5 Tec+no%o$' - A3#"%#-"%"&' - F#c"%"&' De!"$n & Per*or(#nce - D#(#$e F"n#nc"#% - In&ere!& R#&e - In*%#&"on - F8 F% c& #&"on Force M#4e re R"!. A%%oc#&e, &o Pro4ec& Co51O**-&#.er O**-&#.er1G #r#n&or EPC Con&r#c&or EPC Con&r#c&or Pro4ec& Co5 M"&"$#&"on S "&#-%e #$ree(en&! Cre,"& En+#nce(en& Con&"n "n$ S ))or& G #r#n&ee2 9#rr#n&' In! r#nce
Pro4ec& Co5 Pro4ec& Co5 Pro4ec& Co5 Pro4ec& Co5

He,$"n$2
In! r#nce! 7#c. &o -#c. c%# !e! o* A$ree(en&!

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=5U)!&re#( S ))%' R"!. < In! **"c"en& Re!er3e! < F#"% re o* S ))%' >5Do/n!&re#( M#r.e& R"!. < L#c. o* M#r.e& De(#n, < Co()e&"n$ F e%! < Do/n!&re#( 7 'er Cre,"& R"!. < N#& r#% G#! Pr"c"n$ < Re$ %#&or' 1 Le$#% Re$"(e B5 Cre,"& & P#'(en& R"!. < R"!. o* Non-P#'(en& < LNG or G#! O**&#.er Cre,"&/or&+"ne!! < C+#r&erer Cre,"&/or&+"ne!!
:5Pro4ec& In&er,e)en,enc' ;5Con!&r c&"on R"!. < De%#'! "n con!&r c&"on < Co!&-O3err n! < Per*or(#nce -e%o/ $ #r#n&ee, )#r#(e&er! < M#&er"#%! #n, L#-or Co!& #n, A3#"%#-"%"&' ?5 O)er#&"n$ R"!. < O)er#&or )er*or(#nce < E6 ")(en& *#"% re! < Incre#!e, o)er#&"on#% co!&! < L#-or A3#"%#-"%"&' @e5$52 !e#*#rer!A
C5 L"6 ","&' R"!. < Co!&-o3err n! < In3o"ce #n, c#!+-*%o/ ("!(#&c+e! Presented by Dr. Himadri Banerji at the LNG <Singapore Co(("!!"on"n$ #n, r#()- ) )er"o,! Terminals and Distribution IBC Asia
1st to 4th July July 2013 16

D5 Force M#4e re < EUn*ore!ee#-%e r"!. < Ac&! o* Go, < In&er-,e)en,enc' o* *orce (#4e re c%# !e! &+ro $+o & LNG S ))%' C+#"n < Force M#4e re C%# !e! *re6 en&%' no& -#c.-&o--#c. F5 Po%"&"c#% R"!. < Go3ern(en&#% ! ))or& *or )ro4ec& < Per("&&"n$ #n, A &+or"G#&"on! < Ro%e o* S&#&e "n S ))%'2 Tr#n!)or&#&"on #n, O**&#.e :H5 Le$#% R"!. < 7re#c+ o* con&r#c& #n, non-)er*or(#nce < En*orce#-"%"&' < Con&r#c& #% #(-"$ "&' or !"%ence < D"!) &e re!o% &"on < De3e%o)e, 3!5 De3e%o)"n$ Re$ %#&or' En3"ron(en& ::5 Gener#% Econo("c R"!. Presented by Dr. Himadri Banerji at the LNG < LNG #n, G#! De(#n, #n, S Distribution ))%' Terminals and IBC Asia Singapore 1st #n, to 4thS July July 2013 < LNG Ve!!e% De(#n, ))%'
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CASE STUDY IN RISK ALLOCATION AND CONTROL IN INDIAIS FIRST PETRONET LNG IMPORT TERMINAL AT DAHEJ
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Pro*"%e Pe&rone& LNG L&,55#n R-LNG Co()#n'
PLL +#! -een )ro(o&e, -' *o r PSU o"% & $#! co()#n"e! 3"G5 ONGC2 GAIL2 IOC #n, 7PCL /"&+ e#c+ o* &+e( +#3"n$ :;5>HJ e6 "&' !&#.e5 G#G De Fr#nce @GDFA #n, A!"#n De3e%o)(en& 7#n. @AD7A +#3e :HJ #n, >5;J !&#.e "n &+e co()#n' /"&+ &+e re!& +e%, -' "n!&"& &"on#% "n3e!&or! #n, $ener#% ) -%"c5 PLL +#, co(("!!"one, # > MMTPA LNG re$#!"*"c#&"on )%#n& #& D#+e42 G 4#r#& "n A)r"% ;HH= #n, %#&er e8)#n,e, &+e c#)#c"&' &o :H MMTPA "n J %' ;HHF
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T+e o)er#&"on! o* &+e co()#n' #re $o3erne, -' &+e )ro3"!"on! o* # !er"e! o* #$ree(en&! ! c+ #! S ))%' ) rc+#!e #$ree(en& @SPAA /"&+ R#!G#!2 K#&#r2 T"(e C+#r&er A$ree(en& @TCAA /"&+ M"&! " OSK con!or&" (2 Por& O)er#&"on! Ser3"ce A$ree(en& @POSAA /"&+ # S"n$#)ore con!or&" (2 G#! S ))%' P rc+#!e A$ree(en& @GSPAA /"&+ &+e o**&#.er!2 #n, P#'(en& Sec r"&' Mec+#n"!(5
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PLL !o rce! LNG *ro( R#!G#!2 K#&#r n,er # ;> 'e#r SPA2 *or /+"c+ )r"ce! /ere %".e, &o # *"8e, )r"ce o* J#)#n C !&o(! C%e#re, @JCCA cr ,e "n &+e )er"o, A)r"% ;HH=-Dec ;HHD5 In &+e ! -!e6 en& )er"o, J#n ;HHF-Dec ;H:?2 LNG )r"ce! /"%% $r#, #%%' "ncre#!e &o $e& %"n.e, /"&+ &+e recen& cr ,e o"% )r"ce! #n, /"%% e3en& #%%' -e * %%' "n,e8e, &o recen& cr ,e o"% )r"ce! /"&+ # *%oor #n, c#)5 E8ce)& , r"n$ Force M#4e re e3en&!2 PLL "! co(("&&e, &o - ' LNG *ro( R#!G#! #& &+e con&r#c&e, 6 #n&"&'5 For &r#n!)or&"n$ LNG &o "&! )%#n&2 PLL +#! en&ere, "n&o TCA /"&+ M"&! " con!or&" (2 /+o +#3e ,e)%o'e, &+ree ,e,"c#&e, LNG !+")! *or &+e co()#n'
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Lon$-&er( co(("&&e, R-LNG *ro( &+e D#+e4 )%#n& "! !o%, &o GAIL2 IOC & 7PCL "n &+e r#&"o BH:?H::H2 &+ro $+ &+e GSPA5 Ter(! #n, con,"&"on! o* GSPA #re co-&er("n ! /"&+ &+#& o* SPA5 T+e o**&#.er! +#3e &#.e or )#' %"#-"%"&"e! &o PLL #n, &+e %#&&er +#! ! ))%' or )#' %"#-"%"&"e! &o &+e o**&#.er!5
9+"%e &+e O&M o* &+e re$#!"*"c#&"on )%#n& "! ,one -' Pe&rone& LNG M#r"ne !er3"ce! #re n,er&#.en -' PSA M#r"ne2 S"n$#)ore5 P#'(en&! &o R#!G#!2 !+"))er!2 O&M #$en& #n, ,e-& !er3"c"n$ #re $o3erne, 7' )#'(en& !ec r"&' (ec+#n"!( De!cr"-e, %#&er
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PLL "! #-o & &o co(("!!"on > MMTPA $reen*"e%, re$#!"*"c#&"on &er("n#% #& Koc+" "n M#rc+1A)r"% ;H:?5 T+e co()#n' +#! SPA o* :5== MMTPA /"&+ E88on Mo-"% *or "&! )co("n$ Koc+" &er("n#% #n, +#! GSPA /"&+ o**&#.er! *or &+e !#(e 6 #n&"&' on &+e -#c. &o -#c. -#!"!5 7e!",e!2 &+e co()#n' "! #%!o e8)#n,"n$ &+e c#)#c"&' o* "&! D#+e4 &er("n#% *ro( :H MMTPA &o :> MMTPA @D#+e4 P+#!e III )ro4ec&A5 T+e co()#n' "! #%!o !e&&"n$ ) # > MMTPA $reen*"e%, re$#!"*"c#&"on &er("n#% #& G#n$#3#r#( @An,+r# Pr#,e!+A "n # JV /"&+ G#n$#3#r#( Por&5
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D r"n$ ;H::-:;2 PLL re)or&e, # ne& )ro*"& o* R!5 :H>D crore on #n o)er#&"n$ "nco(e o* R!5 ;;CH: crore2 9+"%e &+e co()#n' re)or&e, # ne& )ro*"& o* R!5 FH= crore on #n o)er#&"n$ "nco(e o* R!5 ;?HH; crore "n FM ;H:;:? @A)r"%-Dece(-er ;H:;A #! )er n# ,"&e, con!o%",#&e, re! %&!
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CASE STUDY IN RISK ALLOCATION AND CONTROL IN INDIAIS FIRST PETRONET LNG IMPORT TERMINAL AT DAHEJ Pro*"%e o* Pro(o&er! E8ce%%en& Tr#c. Recor, T/o o & o* Fo r "n L"!& o* To) For& ne >HH Co()#n"e! No E8)er"ence "n LNG P#ren& co()#n' G #r#n&ee! E8&en,e, &o Pe&rone& Tec+n"c#% P#r&ner! G#! D Fr#nG GDF GDF "n LNG 7 !"ne!! o3er *"3e ,ec#,e!
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CASE STUDY IN RISK ALLOCATION AND CONTROL IN DAHEJ PETRONET LNG IMPORT TERMINAL
PLL R"!. Con&ro% R#! G#! #! LNG S ))%"er 9e%% E!&#-%"!+e, S ))%"er o* LNG K#&#r Pe&ro%e ( #! P#r&ner Pe&rone& LNG +#! o)&"on &o &#.e e6 "&' "n R#! G#! II SPV E8)er"ence o* Tr#n!)or&er M"&! " NYK K%"ne SCI
CASE STUDY IN RISK ALLOCATION AND CONTROL IN DAHEJ PETRONET LNG IMPORT TERMINAL Pro4ec& De3e%o)(en& R"!. M#n#$e(en& In"&"#% Pro4ec& De3e%o)(en& T"(e M"n"("Ge,L5 Pro4ec& F"n#nce C%o! re F#!& #! G #r#n&ee! &o Len,er! $"3en -' S)on!or! F#!&er M#r.e& T"e U)! #n, +ence Co((erc"#% Co(("!!"on"n$
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Con!&r c&"on R"!. M#n#$e(en& F"8e, Co!&2 F"8e, T"(e EPC Con!&r c&"on Con&r#c& &o re) &e, con!&r c&or #*&er IC7 or $%o-#% -",,"n$ C#!+ F%o/! +ence Con!&r c&"on S !&#"ne, /"&+ Len,er G #r#n&ee! $"3en -' !)on!or! S&r"n$en& Per*or(#nce G #r#n&ee! A3o",e, Con!&r c&"on K #%"&'2 De%#'! #n, O3er R n! Len,er En$"neer"n$ Mo&& M#c,on#%, PMC -' Fo!&er 9+ee%er
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Co(("!!"on"n$ o* G#! O**-&#.e F#c"%"&"e!L55G #r#n&ee, -' GAIL R#! G#! II )%#ce, o** !+ore EPC con&r#c& on J5 R#' McDer(o&& #n, on!+ore EPC con&r#c& on M"&! " C+"'o,#5 H#3e e8)er"ence "n - "%,"n$ LNG Tr#"n! *or ADG#! #n, O(#n LNG Ve!!e% O/ner! P%#ce con&r#c&! *or - "%,"n$ !+")! on D#e/oo S+")'#r,!LF"8e, T"(e2 *"8e, )r"ce /"&+ LD o* ;HHJ *or ,e%#'! e&c #n, $ #r#n&ee! $"3en *or ,e%"3er' o* !+")! "n &"(e5
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CASE STUDY IN RISK ALLOCATION AND CONTROL IN DAHEJ PETRONET LNG IMPORT TERMINAL O)er#&"on#% R"!. M#n#$e(en&
9+#& #re O)er#&"on#% R"!.! F#"% re &o Per*or( or Pro, ce &o S)ec"*"c#&"on! He#3' *#"% re! o* E6 ")(en& S#*e&' #n, Acc",en&!55 H#G#r,! &o En3"ron(en& #n, Co(( n"&'
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/0'12!*#% 1*"- +/#!1/$ 32421) !/ +/55U#*!*'" PLL Risk Control
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R"!.!: :5 Co!& o* O&M 7e'on, 7 ,$e& F"n#nc"#% Pro4ec&"on! ;5 D"!r )&"on! "n S ))%' o* LNG &o r n P%#n& ?5 D"!r )&"on! "n O**-&#.e =5 C#!+ F%o/ In&err )&"on! #n, Pen#%&"e! Con&ro% Tec+n"c#% Ser3"ce A$ree(en& !"$ne, /"&+ GDF *or O&M S )er3"!"on #n, Tr#"n"n$ o* O)er#&or! #n, M#"n&en#nce S&#** o* Pe&rone& LNG *or # )er"o, o* ? 'e#r!5 GDF #%!o &#.e! :HJ e6 "&' "n Pe&rone& LNG S)ec"#% O&M Re!er3e Cre#&e, *or C#!+ re6 "re(en&! *or ? Mon&+! O&M #n, Ve+"c%e C+#r&er H"re *or ? Mon&+!5
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LNG S ))%' R"!. M#n#$e(en& LNG ! ))%' #!! re, &+ro $+ S ))%' Con&r#c& /"&+ R#! G#! II S ))%' #!! re, *ro( Tr#"n! : #n, ; /+o!e #3#"%#-"%"&' +#! -een FD5>J #n, &r#"n No ? R#! G#! +#! #cce!! &o :; M:; S6 K( /or%,I! %#r$e!& Non A!!oc"#&e, $#! *"e%,! "n K#&#r Re!er3e! cer&"*"e, -' SSI #n, NSAI In c#!e o* !+or&*#%% S&#&e o* K#&#r &o $"3e #,,"&"on#% $#! *"e%,!5 R#! G#! II +#! -een ! ))%'"n$ n"n&err )&e,%' LNG &o Kore# G#! *ro( :FD>5 R#! G#! #%!o ! ))%"e! !+or& &er( !)o& LNG &o GDF
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Pe&rone& LNG M#r.e& R"!.!

O&+er !o rce o* ! ))%' o* G#! )#r&%' o**!e& -' De(#n, S ))%' G#) Lon$ Ter( O**-&#.e A$ree(en&! /"&+ L#r$e Con! (er! GAIL1IOC17PCL In&er(e,"#&e O**-&#.er! +#3e G#! S#%e A$ree(en&! /"&+ %#r$e )o/er #n, *er&"%"Ger c !&o(er! Pr"ce ne$o&"#&e, /"&+ RAS G#! &o (#.e )r"ce #**or,#-%e &o ,o/n!&re#( !er!5
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Re3en e R"!. o* PLL Lon$ &er( GSPA Re$#!"*"c#&"on C+#r$e S&r c& re, &o (ee& -#!e %e3e% c#!+ *%o/! *or O&M #n, o&+er! Re$#!"*"c#&"on C+#r$e! &o -e re3"e/e, e3er' &+ree 'e#r! *or "n*%#&"on LNG Co!&! #! P#!! &+ro $+ &o In&er(e,"#&e O**-&#.er!
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CASE STUDY IN RISK ALLOCATION AND CONTROL IN DAHEJ PETRONET LNG IMPORT TERMINAL In&ere!& R#&e #n, Fore"$n E8c+#n$e R"!. In&ere!& R#&e R"!. F"8e, In&ere!& R#&e! on Lo#n! &o -e re!e& e3er' &+ree 'e#r! L"6 ","&' ! ))or& #$ree(en& /"&+ o**&#.er! N De-& !er3"ce co()onen& n,er Ann #% T#.e or P#' %"#-"%"&' &o -e !er3"ce, on re$ %#r -#!"!5 Fore"$n E8c+#n$e R"!. E8c+#n$e r#&e *% c& #&"on! %"n.e, &o &+e LNG co!&! #%!o )#!! &+ro $+ &o o**-&#.er!5 A%% %on$ &er( %o#n! ,eno("n#&e, "n R )ee! &o #3o", #n' ("!(#&c+ /"&+ &+e R )ee -#!e, re$#!"*"c#&"on c+#r$e!5
Po%"&"c#% Force M#4e re R"!.! Go3ern(en& #c&"on!1Re$ %#&"on! #**ec&"n$ )ro4ec&5 Po%"c' En3"ron(en&5 E8&en& o* Go3ern(en& con&ro% T+r !& $"3en -' Go3ern(en& o* In,"# &o ,e3e%o) LNG Ter("n#%! &o -r",$e &+e De(#n,-! ))%' $#)5 F#3or#-%e *"!c#% )o%"c' o* Go3ern(en& o* In,"# *or enco r#$"n$ "n3e!&(en&! "n LNG !ec&or5 LNG "()or&! n,er O)en Gener#% L"cen!e5 Lo/ c !&o(! , &' o* >J on LNG "()or&!5 C !&o(! , &' on c#)"&#% "()or&! *or LNG &er("n#%! re, ce, &o ;:J5 N"% e8c"!e , &' on re$#!"*"e, LNG5 Pro3"!"on! "n GSPA! *or re!&or"n$ !&#& ! 6 o "n c#!e o* C+#n$e "n L#/5
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Non-Po%"&"c#% Force M#4e re R"!.! L E3en&! no& n,er &+e con&ro% o* )ro4ec& )#r&"c")#n&! @#c&! o* Go,2 e)",e("c! !&r".e! e&cA D#(#$e or *#"% re o* )ro4ec& *#c"%"&"e!5 Non-+#r(on"G#&"on o* *orce (#4e re ,e*"n"&"on! #cro!! con&r#c&! @e5$5 LNG SPA 3"!-O-3"! GSPAA5 Co()re+en!"3e Pro)er&' D#(#$e In! r#nce Co3er#$e *or Pro4ec& 7 !"ne!! In&err )&"on In! r#nce! &o co3er *"8e, co!&! Terror"!(2 O**!+ore & on!+ore %"#-"%"&"e! In! r#nce Co3er! 7#c. &o 7#c. Force M#4e re C%# !e! #cro!! )ro4ec& con&r#c&!
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CASE STUDY IN RISK ALLOCATION AND CONTROL IN PETRONET LNG IMPORT TERMINAL
F n,"n$ R"!.! &o Pro4ec& Non-#3#"%#-"%"&' o* ! **"c"en& * n,! &o co()%e&e &+e Pro4ec& Pro(o&er $ #r#n&ee, !+or& &er( %o#n! con3er&e, "n&o %on$ &er( %"("&e, reco r!e )ro4ec& *"n#nc"n$ *#c"%"&"e! on )ro4ec& co()%e&"on5 S+#re+o%,er! 1 S+#re S -!cr")&"on A$ree(en&! !"$ne, -' Fo r !)on!or!2 GDF #n, AD7 *or B>5;J e6 "&'5 IPO co()%e&e, *or &+e -#%#nce e6 "&'5
40
Cre,"& En+#nce(en&! Re!", #% R"!.! 9or."n$ C#)"&#% F n,"n$ Tr !& & Re&en&"on Acco n&! &+ro $+ /+"c+ #%% c#!+ *%o/! o* Pro4ec& Co()#n' #re ro &e, C#!+ F%o/ 9#&er*#%% &o Pr"or"&"Ge P#'(en&! De-& Ser3"ce Re!er3e Acco n&! *or !er3"c"n$ ,e-&! "n c#!e o* !+or& &er( c#!+ *%o/ ("!(#&c+e!5 Pe&rone& LNG E8)er"ence: Se)#r#&e Tr !& & Re&en&"on Acco n&!2 one *or ro &"n$ c#!+ *%o/! "n re!)ec& o* LNG #n, c+#r&er +"re )#'(en&! #n, !econ, *or #%% o&+er c#!+ *%o/!5 C#!+ F%o/ 9#&er*#%% &o Pr"or"&"Ge P#'(en&! S"8 (on&+ ,e-& !er3"ce e6 "3#%en& LC o)ene, "n %"e o* DSRA
JOINT PAYMENT SECURITY MECHANISM Presented by Dr. Himadri Banerji at the LNG
Terminals and Distribution IBC Asia Singapore 1st to 4th July July 2013 42
!&%' %T()* +N "+%K &LL,!&T+,N &N) !,NT",L +N )&-'. $'T",N'T LNG +#$,"T T'"#+N&L
Jo"n& P#'(en& Sec r"&' Mec+#n"!( PLL #n, R#!G#! +#3e #$ree, )on # PSM2 /+"c+ en3"!#$e! &+#& &+e )#'(en&! *ro( &+e o**-&#.er! /o %, -e !)%"& "n&o &/o !&re#(!2 One co3er"n$ LNG c+#r$e! #n, c+#r&er +"re )#'(en&!2 #n, O&+er co3er"n$ re$#!!"*"c#&"on c+#r$e! T+e!e /o %, -e ,e)o!"&e, "n&o # F e% P#'(en& Tr !& #n, Re&en&"on Acco n& @FPTRAA #n, # PLL On!+ore Tr !& #n, Re&en&"on Acco n& @POTRAA2 re!)ec&"3e%'5 FPTRA +#! &/o ! --#cco n&!2 &+e LNG C+#r$e Acco n&2 #n, &+e C+#r&er H"re C+#r$e Acco n&2 "n&o /+"c+ &+e * e% )#'(en& #n, &+e c+#r&er +"re c+#r$e! /o %, -e ,e)o!"&e,
JOINT PAYMENT SECURITY MECHANISM Presented by Dr. Himadri Banerji at the LNG
Terminals and Distribution IBC Asia Singapore 1st to 4th July July 2013 43
!&%' %T()* +N "+%K &LL,!&T+,N &N) !,NT",L +N )&-'. $'T",N'T LNG +#$,"T T'"#+N&L T+e #(o n&! , e &o R#!G#! #n, &+e LNG S+"))er /o %, -e &r#n!*erre, &o
&+e"r re!)ec&"3e O**!+ore Tr !& Acco n&! on &+e , e ,#&e!5 IPLL #%!o )ro3",e! *or # US Do%%#r ,eno("n#&e, !&#n,-' %e&&er o* cre,"& *or co3er"n$ &/o (on&+! o* )#'(en& &o &+e LNG ! ))%"er #n, *o r (on&+! o* c+#r&er )#'(en&! &o &+e !+"))"n$ con!or&" (5
JOINT PAYMENT SECURITY MECHANISM

!&%' %T()* +N "+%K &LL,!&T+,N &N) !,NT",L +N )&-'. $'T",N'T LNG +#$,"T T'"#+N&L
T+e "n*%o/! "n&o &+e PLL On!+ore Acco n&!2 /+"c+ #re &+e re$#!!"*"c#&"on c+#r$e!2 /o %, *"r!& -e !e, &o (#.e !&#& &or' )#'(en&! #n, (ee& o)er#&"n$ e8)en!e!2 *o%%o/"n$ /+"c+ &+e re!", #% #(o n& /o %, -e &r#n!*erre, "n&o # ,e-& !er3"ce #cco n&2 *ro( /+"c+ &+e )#'o &! /o %, -e (#,e &o &+e %en,er!5 In #,,"&"on2 PLL +#! o**ere, %e&&er! o* cre,"& @LC!A &o &+e %en,er!2 co3er"n$ &/o 6 #r&er%' ,e-& !er3"c"n$ co(("&(en&!5 T+e re!", #% c#!+ *%o/! /o %, -e #3#"%#-%e *or #))ro)r"#&"on5
JOINT PAYMENT SECURITY MECHANISM

Dr5 H"(#,r" 7#ner4" :Pro4ec& A,3"!or' & S&r c& re, F"n#nce "n Ener$' In, !&r"e! @O"%2 G#!2 Po/erA
< A!!"!&#nce &o #$enc"e! *or "()%e(en&#&"on o* )ro4ec&! /"&+ )r"3#&e !ec&or )#r&"c")#&"on &+ro $+ 7OOT17OT17OO ro &e!5 < A!!"!&#nce "n )re)#r#&"on o* -", ,oc (en&! "nc% ,"n$ re%e3#n& con&r#c&! #n, #$ree(en&!2 e3#% #&"on o* -",! #n, !e%ec&"on o* -",,er5 < A!!"!&#nce &o )r"3#&e )#r&"e! "n )re)#r#&"on #n, ! -("!!"on o* -",! *or )ro4ec&! &+ro $+ co()e&"&"3e -",,"n$ < A!!"!&#nce "n &#r"** *"%"n$ &o $ener#&"n$2 &r#n!("!!"on #n, ,"!&r"- &"on co()#n"e! #n, *r#nc+"!ee 1 re!&r c& r"n$ #n, )r"3#&"!#&"on o* S&#&e E%ec&r"c"&' 7o#r,!5 < Po%"c' #,3"!or' &o Cen&r#% & S&#&e Go3ern(en&!2 Cen&re #n, S&#&e E%ec&r"c"&' Re$ %#&or' Co(("!!"on!5 < Pre)#r#&"on o* 7 !"ne!!2 In3e!&(en&! #n, F"n#nc"n$ P%#n < I,en&"*"c#&"on o* !o rce! o* F"n#nce #n, S'n,"c#&"on o* R )ee #n, Fore"$n c rrenc' %o#n5
46
Dr5 H"(#,r" 7#ner4" :Pro4ec& A,3"!or' & S&r c& re, F"n#nce "n Ener$' In, !&r"e! @O"%2 G#!2 Po/erA
A,3"!or' *or rene/#-%e ener$' )ro4ec&! /"&+ A,3"!or' *or Pro4ec&! n,er
In,"#n So%#r M"!!"on < A))r#"!#% o* )ro4ec&! "n 3#r"o ! Ener$' "n, !&r' !ec&or!5 < In3e!&(en& #))r#"!#%! *or re3"e/ o* c#)"&#% - ,$e&"n$ ,ec"!"on )roce!! o* co()#n"e! < Sec r"&"!#&"on #n, o&+er !&r c& re, *"n#nce )ro, c&! D e D"%"$ence C#)"&#% S&r c& r"n$ F"n#nc"#% Mo,e%%"n$ R"!. An#%'!"! F"n#nc"#% V"#-"%"&' S& ,"e! Pro4ec& De3e%o)(en& EPC Con&r#c& R"!. M#n#$e(en& S ))or&
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T-&NK *,(
48

Contract Structure and Risk Control in LNG Regasification

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Contract Structure and Risk Control in LNG Regasification

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BY HIMADRI BANERJI EX CEO RELIANCE ENERGY MD ECOURJA

Non recourse Financing a reality in LNG Import terminals

Non reco r!e F"n#nc"n$ # re#%"&' "n LNG I()or& &er("n#%!

Non Reco r!e F"n#nc"n$ # Re#%"&' "n LNG Re$#!"*"c#&"on Ter("n#%!

Non Reco r!e F"n#nc"n$ # Re#%"&' "n LNG Re$#!"*"c#&"on Ter("n#%!

E3o%3"n$ Pro4ec& Con&r#c& S&r c& re

E3o%3"n$ Pro4ec& Con&r#c& S&r c& re

E3o%3"n$ Pro4ec& Con&r#c& S&r c& re! Pe&rone& Koc+" LNG

E3o%3"n$ Pro4ec& Con&r#c& S&r c& re

E3o%3"n$ Pro4ec& Con&r#c& S&r c& re

RISK ALLOCATION AND CONTROL IN LNG IMPORT TERMINAL

RISK ALLOCATION AND CONTROL IN LNG IMPORT TERMINAL

RISK ALLOCATION AND CONTROL IN LNG IMPORT TERMINAL

KEY RISK ISSUES

Pro4ec& Co5 Pro4ec& Co5 Pro4ec& Co5 Pro4ec& Co5

In! r#nce! 7#c. &o -#c. c%# !e! o* A$ree(en&!

RISK ALLOCATION AND CONTROL IN LNG IMPORT TERMINAL

RISK ALLOCATION AND CONTROL IN LNG IMPORT TERMINAL

Pro*"%e Pe&rone& LNG L&,55#n R-LNG Co()#n'

Pro*"%e Pe&rone& LNG L&,55#n R-LNG Co()#n'

Pro*"%e Pe&rone& LNG L&,55#n R-LNG Co()#n'

Pro*"%e Pe&rone& LNG L&,55#n R-LNG Co()#n'

Pro*"%e Pe&rone& LNG L&,55#n R-LNG Co()#n'

Pro*"%e Pe&rone& LNG L&,55#n R-LNG Co()#n'

/0'12!*#% 1*"- +/#!1/$ 32421) !/ +/55U#*!*'" PLL Risk Control

Pe&rone& LNG M#r.e& R"!.!

JOINT PAYMENT SECURITY MECHANISM

JOINT PAYMENT SECURITY MECHANISM

62$6' "!2!*/#7 2n $#% !anker being filled courtesy %ermanischer $loyds

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/0'12!#% 1"- +/#!1/$ 32421) !/ +/55U#!'" PLL Risk Control