France’s Total rejects force majeure notice from Chinese LNG buyer

[thackney]

France’s Total rejects force majeure notice from Chinese LNG buyer
https://www.hellenicshippingnews.com/frances-total-rejects-force-majeure-notice-from-chinese-lng-buyer/
08/02/2020

French oil major Total has rejected a force majeure notice from a liquefied natural gas (LNG) buyer in China, the first global energy supplier to publicly push back against firms backing out of deals amid the coronavirus outbreak.

Concerns that Chinese companies could back out of contracts because of the coronavirus epidemic have slowed down spot crude oil and LNG sales into China, the world’s top energy consumer, increasing global supplies and depressing prices of energy products.

“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.

“We have received one force majeure that we have rejected.”

Companies invoke force majeure when they cannot meet their contractual obligations because of circumstances beyond their control.

Sauquet did not disclose the name of the buyer Total rejected a force majeure notice from.

Reuters reported on Thursday that China National Offshore Oil Corporation (CNOOC), the country’s biggest importer of liquefied natural gas (LNG), has declared force majeure on some prompt deliveries with at least three suppliers because of the rapid spread of the coronavirus, two sources said on Thursday....

[GtHawk]

France’s Total rejects force majeure notice from Chinese LNG buyer
https://www.hellenicshippingnews.com/frances-total-rejects-force-majeure-notice-from-chinese-lng-buyer/
08/02/2020

French oil major Total has rejected a force majeure notice from a liquefied natural gas (LNG) buyer in China, the first global energy supplier to publicly push back against firms backing out of deals amid the coronavirus outbreak.

Concerns that Chinese companies could back out of contracts because of the coronavirus epidemic have slowed down spot crude oil and LNG sales into China, the world’s top energy consumer, increasing global supplies and depressing prices of energy products.

“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.

“We have received one force majeure that we have rejected.”

Companies invoke force majeure when they cannot meet their contractual obligations because of circumstances beyond their control.

Sauquet did not disclose the name of the buyer Total rejected a force majeure notice from.

Reuters reported on Thursday that China National Offshore Oil Corporation (CNOOC), the country’s biggest importer of liquefied natural gas (LNG), has declared force majeure on some prompt deliveries with at least three suppliers because of the rapid spread of the coronavirus, two sources said on Thursday....

Odd you would think China would need more fuel to keep all those Chinese pizza ovens cooking