Image from Cheniere EnergyClick here to enlarge imageFor several years prior to 2004, the LNG industry was a buyers’ market, and buyers were in the driver’s seat with respect to pricing terms and flexibilities introduced into LNG sales agreements. Since then, however, LNG has moved strongly into a sellers’ market due to strong gas demand and delays in sanctioning and constructing new liquefaction capacity. Many analysts see a sellers’ LNG market prevailing well beyond 2010.Some of the largest project financings closed in 2004-06 were in the LNG sector—along the whole supply chain. Many involved large components of bank debt secured at modest margins. In addi...