BP PLC published its master sales and purchase agreement templates for its LNG business and said it is the first major oil and gas business to do so, Reuters reported Aug. 15.

The master sales and purchase agreement is a complex framework agreement between two counterparties putting out the general terms for their LNG deals, the report said.

Reuters said the oil major already has a standardized template called the General Terms & Conditions for Sales and Purchases of Crude Oil and Petroleum Products that is widely used by other companies.

However, unlike oil markets where traders have standardized templates like BP's to refer to, LNG market participants usually draft contracts for every deal, Reuters said.

The oil major said in a March news release that it expects to publish its LNG master sales and purchase agreement to "contribute to the broader discussion around standardization and liquidity for LNG transactions."