We have significant legal experience and expertise in all legal aspects of physical and financial commodity supply and trading and have extensive experience in advising in relation to the following commodities: oil (crude and refined products), LNG, gas & power, base and precious metals, iron ore, coal and biomass. We help our clients to structure bespoke transactions in order to maximise their commercial supply and trading opportunities. We have experience in negotiating a wide and varied number of contracts in the commodity markets from supply, off-take, marketing, physical and financial trading, to loans, leases and storage.
We cover bespoke agreements as well as market standard contracts. We understand the complex legal mechanics behind the EFET, ISDA, FOA and master netting documentation and have been involved in the drafting of these standard contracts at industry working groups. Additionally, we have produced in-house standard forms, user guides and negotiation matrixes for clients.
Liquified Natural Gas (LNG)
Our experience with LNG trading dates back over 10 years. We have collectively reviewed in excess of 200 LNG Master Sale and Purchase Agreements and their associated documentation. We are adept at reviewing tender documentation, financing structures, terminal agreements and LNG ship charterparty and insurance arrangements. We have particular expertise in the trading of LNG globally including capacity rights and hub trading.
Having worked with traders and originators to review innovative arrangements we have helped to develop various LNG portfolio optimisation strategies and legal structures for our clients. Our experience extends to the drafting of bespoke, long-term trading arrangements whether via long term Sale and Purchase Agreements or structured confirmations. We are also able to offer expert advice in relation to all day-to-day flow work as an extension of your in-house legal team.
With a strong commercial approach we are able to provide a very cost-efficient solution to your LNG legal requirements.
Gas & Power
We have acted for clients in setting up gas and power trading operations in the UK and several other European countries. This work has involved overseeing and advising on licence applications, TSO rules and membership of exchanges.
We have advised on and negotiated transactions involving the wholesale supply of gas & power to UK and European electricity suppliers, the set-up of direct market access gas and power trading arrangements and the sale of gas and power portfolios of trades. We have negotiated and advised on long term power and gas sale and purchase agreements, tolling agreements and gas storage and repo agreements (winter-summer price arbitrage).
We have advised on the acquisition of several European power stations. We also advise on UK power station development projects.
Oil & Shipping
We have extensive experience in oil supply and trading built over many years in advising a variety of clients including oil majors, trading houses and investment banks. We have acted for clients involved in the storage, supply, marketing, financing, blending and processing of crude oil and refined products, where we have experience across multiple jurisdictions. The transactions have included long term offtake agreements, storage agreements, joint ventures, cooperation agreements, balance sheet optimisation structures (e.g. title based inventory financing and accompanying hedging), prepay financing and offtake structures and repos. We have advised on and negotiated transactions for the sale and purchase of oil related assets, reviewed and prepared responses to tender documentation and reviewed and advised on charterparty terms, bills of lading and General Terms and Conditions.
We have also advised clients in establishing oil hedging programmes.
We have experience in acting for clients on numerous disputes involving a range of issues including arrests of vessels, vessel breakdowns, force majeure, safe port issues and quality and quantity disputes.
Metals and Precious Metals
We have extensive experience of advising mining companies, trading houses and investment banks on the whole range of base metals and LME and precious metals activity. These include metals sale and purchase and refining agreements, mining prepay financing and offtake agreements, repo financings/LME and non-LME location warehousing, unallocated precious metals location swaps. We have reviewed and advised on metals warehousing terms, precious metals leases, warehouse warrants, receipts, holding certificates and other title documents.
Financial Products and Derivatives
A core component of most physical trades is a financial hedge. We advise regularly on the hedging component and strategy for long term offtakes suitable for producers, consumers and banks, both OTC and on-exchange. We have reviewed and advised on the rules of a number of exchanges and clearing houses, including noteably terminal markets with physical delivery. We have considerable experience in relation to the drafting and negotiation OTC derivatives including negotiating ISDA master agreements and drafting bespoke and structured ISDA trade confirmations. Our work in this area has included advising clients on the requirements of key European legislation including EMIR, MiFID 2, FinFrag and the Securities Financing Transactions Regulations.
Coal & Biomass
We have experience of advising on on various pre-pay financings, deferred payment and repo style financing, supply and offtake arrangements relating to coal (including SCOTA terms) and biomass. We have reviewed and advised on storage arrangements relating to these commodities.