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Force Majeure

All articles tagged with #force majeure

QatarEnergy halts select LNG contracts amid Middle East conflict
business-and-economy17 days ago

QatarEnergy halts select LNG contracts amid Middle East conflict

QatarEnergy has declared force majeure on some long-term LNG supply contracts (including buyers in Italy, Belgium, South Korea and China) due to disruptions tied to the US–Israel war on Iran. Attacks damaged Ras Laffan, cutting about 17% of Qatar’s LNG export capacity and sidelining 12.8 million tonnes of production per year for 3–5 years, with an estimated $20 billion in lost annual revenue, contributing to higher energy prices and tighter supplies to Europe and Asia.

via Al Jazeera|
#business-and-economy#energy-markets#force-majeure
Qatar LNG disruption triggers Shell's force majeure on cargoes
energy1 month ago

Qatar LNG disruption triggers Shell's force majeure on cargoes

Shell has invoked force majeure on LNG cargoes it buys from QatarEnergy after a production halt at a Qatari facility, signaling broader supply disruptions as QatarEnergy and other buyers, including TotalEnergies and OQ, issue notices. QatarEnergy says it could take weeks to months to resume normal deliveries, with March shipments reportedly unaffected but April impact expected.

via Al Jazeera|
#energy#force-majeure#lng
Qatar’s LNG Hub Faces Weeks-to-Month Restart Crunch
energy1 month ago

Qatar’s LNG Hub Faces Weeks-to-Month Restart Crunch

QatarEnergy declared force majeure on LNG exports after Ras Laffan disruptions tied to the Strait of Hormuz closure amid Middle East conflict. Restarting the world’s largest LNG hub will be slow—weeks to months—as storage fills and trains are brought back online sequentially to avoid thermal shock. Qatar accounts for about 20% of global LNG exports, and with U.S. capacity limited and European/Asian prices up around 50%, global gas markets could face a multi-week deficit before production normalizes. Several U.S. projects aim to add capacity by 2030 to mitigate future shocks.

via Crude Oil Prices Today | OilPrice.com|
#energy#force-majeure#global-gas-prices
Impending Force Majeure Terminations Threaten Struck Companies' First Look Deals
entertainment2 years ago

Impending Force Majeure Terminations Threaten Struck Companies' First Look Deals

Major Hollywood studios and streaming platforms are considering terminating some of their first look and overall deals with writers as early as August 1, under contractual force majeure clauses, as the SAG-AFTRA and Writers Guild of America strikes continue. These deals, which were suspended in May, provide financial support and distribution guarantees for writers' projects. While top talent has safeguards in their contracts, mid-range creatives are more vulnerable to force majeure. However, terminating these deals may not be straightforward due to legal and public relations concerns, and the studios are already saving money by suspending the deals.

via Variety|
#entertainment#force-majeure#hollywood-studios
The Hollywood Obsession with Force Majeure and Its Absence in Writers' Suspension Letters.
entertainment2 years ago

The Hollywood Obsession with Force Majeure and Its Absence in Writers' Suspension Letters.

The COVID-19 pandemic has led to confusion around force majeure events in Hollywood, with many writers' deals being suspended without reference to the term. While the WGA's collective bargaining agreement says a strike itself is justification for suspension, studios may still be looking for ways to cut costs. Attorneys say that most studios' standard terms and conditions give them the right to suspend and terminate without any waiting period, although some talent may have negotiated protections. There is also debate around whether a strike by a writer's own union invokes force majeure.

via Hollywood Reporter|
#contracts#entertainment#force-majeure
Imola F1 race cancelled due to flooding in Italy.
sports2 years ago

Imola F1 race cancelled due to flooding in Italy.

Ticket holders for the cancelled Imola F1 race will receive a full refund or have their 2023 tickets converted to next year's race instead. The event's organisers have confirmed that all buyers who have purchased tickets through the sales network and the ticketone.it purchasing platform will be eligible for a refund. As the event was called off due to force majeure, the Imola race promoters won't have to pay FOM the agreed fee, understood to be around $20 million.

via Autosport|
#f1#force-majeure#imola