Gas Restitution Clause Samples

Gas Restitution. At least once a year, a balance statement of the use of Gas Offtake shall be drawn up by the Operator covering period P. Unless otherwise defined by the Operator, period P, for year N, shall run from 1 December of year N-1 to 1 December of year N. If a surplus is recorded, the Operator shall calculate, based on this surplus, a quantity Re to be returned to the Shipper in proportion to the combined total of the Quantities Unloaded by this Shipper in relation to the combined total of the Quantities Unloaded by all of the shippers at the Terminal over period P. If the Shipper has a contract in force over all or part of period P+1 immediately following P, the Operator shall apply Gas Restitution by increasing the Shipper's Shared Stock Level by the quantity Re on the date of the first Unloading following the drawing up of the balance statement or on a date to be agreed between the Parties. If the Shipper does not have a contract in force over all or part of period P+1, the Operator shall notify the Shipper of the returnable quantity Re. The Shipper may request, within two months of this notification, either for Re to be made available at the PITTM for removal, on a date and according to a schedule agreed with the Operator, or for a Stock Transfer for Re to be made to another shipper with a contract in force. In this case, and if this shipper makes a corresponding LNG Stock Transfer request, the Operator shall do its utmost to accept this transaction. If at the end of the two months following calculation of the Gas Restitution, the Shipper has not notified the Operator of its choice regarding the restitution procedures, the Shipper shall lose all of its rights to use the quantity Re which shall then be integrated into the Gas offtake taken into account in the balance statement drawn up for the purposes of Gas Restitution for period P+1. Over period P, the Operator shall calculate a PMR price equal to the average of the PREFM prices for the Months M of the period, as defined in Paragraph 11.5 of the General Terms and Conditions weighted using the combined total of the Quantities Unloaded by all the shippers at the Terminal for each Month M. Said Gas Restitution shall give rise to reciprocal invoicing, for identical amounts, between the Shipper and the Operator, for the PMR price.