LNG chain: Value chain

From process licensors and shipyards to Qatar, Cheniere and Shell

What this tab covers Who does what, from equipment makers to builders, owners, operators, traders and users, with the leading companies at each step.

Technology licensors and contractors build liquefaction trains; producers own them; shipyards and shipowners move the cargo; portfolio players and utilities buy it and regasify it at import terminals.

The chain

Process technology and drives Engineering and construction Liquefaction owners Shipbuilding and containment Portfolio players and floating owners

Stage	What happens	Leading companies
Process technology and drives	License liquefaction processes and supply heat exchangers and motors	Air Products (US), process used in 66% of operating capacity in 2024 ConocoPhillips Optimized Cascade (US), gaining share in the US Innomotics (Germany)²²³
Engineering and construction	Design and build plants and floating units	Bechtel (US) Chiyoda and Technip Energies (Japan and France), building Qatar's North Field East Wison New Energies (China), floating LNG Black and Veatch (US)²⁸²⁹²⁵
Liquefaction owners	Own export plants and sell LNG, often on 20-year contracts	QatarEnergy (Qatar) Cheniere (US) Venture Global (US) NextDecade (US)¹⁰¹¹¹⁵²⁹
Shipbuilding and containment	Build carriers and license tank systems	HD Hyundai (South Korea) Samsung Heavy Industries (South Korea) Hanwha Ocean (South Korea) GTT (France), tank designs³⁰⁷
Portfolio players and floating owners	Buy from many plants and resell flexibly; own floating units	Shell (UK) Golar LNG (Bermuda/Norway)²⁰²⁵

In 2024 the largest exporters were the United States (88.4 Mt), Australia (81.0 Mt) and Qatar (77.2 Mt), and the largest importers China (78.6 Mt), Japan (67.7 Mt) and South Korea (47.0 Mt). Korean yards took about 92% of LNG carrier orders in 2025, falling to about 60% in early 2026 as Chinese yards won about 40% (Clarksons data). US contracts typically price LNG at 115% of the Henry Hub gas price plus a fixed liquefaction fee, so buyers carry shipping and resale risk.

Sources

2025 World LNG Report International Gas Union, 2025
NO96 Super+ GTT, 2024
Alaska LNG could cost more than double Gulf Coast rivals, raising questions over economics (Reuters) gCaptain, 2026
Venture Global's CP2 LNG project cost climbs $4 billion to $33.5 billion Pipeline and Gas Journal, 2026
QatarEnergy provides production update LNG Industry, 2026
Shell sees flat LNG trade in 2026 as Hormuz recovery remains uncertain (Bloomberg) World Oil, 2026
Innomotics accelerates LNG electrification with major eLNG drive orders worldwide (press release) Innomotics GmbH via news aktuell, 2026
Trends in FLNG (Perspective, September 2025) Gas Strategies, 2025
Chiyoda and Technip Energies joint venture awarded EPCC contract for North Field East onshore facilities Technip Energies (Business Wire), 2021
NextDecade EPC contracts with Bechtel for Rio Grande LNG Trains 4 and 5 NextDecade (Business Wire), 2025
Korean shipbuilders win 10 LNG carriers as North America fuels orders (ChosunBiz, citing Clarksons Research) Hellenic Shipping News, 2026