创新性油气交易机制设计及启示

Design and Enlightenment of Innovative Oil and Gas Trading Mechanism

2014年国际油价大幅下降以来,创新性油气交易日益活跃,推动了全球油气上游交易市场的回暖。2016年全年创新性交易占到全球油气上游交易总额的40%,2017年一季度占市场交易总额的比例增至65%。与传统上直接用现金一次性支付这一简单方式相比,创新性的交易机制有双向的保护条款设计,对买卖双方都能起到降低风险、保护利益的作用,对买卖双方都有吸引力。创新性交易机制有多种交易方式,包括潜在支付、股权支付、资本转移支付、资产置换、资产入股等,其中潜在支付和股权支付是主要方式。虽然创新性的油气交易方式较好地解决了传统交易机制的弊端,但仍有局限性。如交易机制相对复杂,关键条款较多,增加了商务谈判的复杂性;由于涉及到未来支付,也就意味着新的不确定性;需要交易的资产位于投资环境良好、法律法规健全的地区等。海外经营的中国石油公司应积极吸收和借鉴创新性的油气交易机制,坚持资产买卖结合,不断优化资产,并在资产并购端引入创新性的油气交易。在具体的商务合同谈判中,要灵活运用创新性的交易机制,注重交易策略。

Since the slump in international oil price in 2014,the innovative oil and gas trading has become more and more active and driven the rebound in global oil and gas upstream trading market.In 2016,the innovative trading accounts for 40% of the total global oil and gas upstream trading,and in the first quarter of2017,this proportion increased to 65%.Compared with the traditional way of direct payment by cash,the innovative trading mechanism is designed with two-way protection clauses,which can reduce the risks and protect the interests of both the buyer and the seller,so it is attractive to both parties.The innovative trading mechanism has various trading methods including contingent payment,equity payment,capital transfer payment,asset swap and asset for shares.Among them,contingent payment and equity payment are the primary methods.Although the innovative oil and gas trading methods can solve the drawbacks of traditional trading mechanism,there are still some limitations,for example,the relatively complicated trading mechanism and the large number of key clauses increase the complexity of business negotiations,there are new uncertainties since future payment is involved,and the assets need to be traded are located in areas with good investment environment and sound laws and regulations.Chinese oil companies operating overseas should actively absorb and learn from the innovative oil and gas trading mechanism,adhere to the integration of asset buying and selling,continuously optimize the assets,and introduce the innovative oil and gas trading into the asset merger and acquisition.In specific business contract negotiations,the innovative trading mechanism should be flexibly used,and emphasis should be put on trading strategies.