November 8, 2023 [Reuters]- A unit of Indonesian state-owned oil and gas company Pertamina has declared force majeure on its liquefied natural gas (LNG) sales and purchase agreement with Gunvor Singapore.
Perusahaan Gas Negara (PGN) (PGAS.JK) submitted the force majeure notice to Gunvor on Nov. 3 and estimated the period would be “no less than several months of year 2024”, a notice filed on the Indonesia Stock Exchange dated Tuesday showed.
It did not give a reason for the force majeure in the notice.
Force majeure is a clause that allows parties in a contract to avoid liability for unexpected external circumstances that prevent them from meeting their obligations.
Gunvor declined to comment in response to a request from Reuters for comment. PGN did not respond to an emailed request for comment.
According to a Gunvor announcement in June 2022, it and PGN entered a partnership that would see the Indonesian entity supply LNG to the global energy trader.
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