The majority of liqueed natural gas (LNG) has been and is still sold under condential,bilateral long-term contracts. While it is generally accepted that contracted LNG prices (partic-ularly in Asia) are indexed to crude oil, actual prices, contract terms and price revision clausesare not public. To the author's knowledge, no other academic work has ever investigated in-dividual LNG pricing series in an empirical way. Understanding these changes may provideindicators about how pricing will change as a spot market continues to develop. Using customsdata and recent techniques for detecting unknown structural breaks in cointegrated regressions, Iestimate both when and how contracts are revised for thirteen Japanese, Korean, Taiwanese andSpanish price series. Results suggest that Japanese contracts have undergone the most revision,with pricing terms increasing during the mid to late 2000s after LNG had been under-pricedfor a number of years. Notably, contracts do not seem to have been revised wholesale after theFukushima disaster, which would be consistent with contracts being revised in response to price,not quantity shocks. Korean and Taiwanese contracts are tightly linked to oil and seem relativelystable. Spanish contracts also appear to be oil-indexed, but to a lesser degree.
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