# LNG chain: Value chain

From process licensors and shipyards to Qatar, Cheniere and Shell

Source page: https://www.materialinsights.org/energy/e_lng/valuechain/

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)^[2](https://www.connaissancedesenergies.org/sites/connaissancedesenergies.org/files/pdf-actualites/1763396210-1747916410-igu-world-lng-report-2025.pdf)^[23](https://www.presseportal.de/pm/179189/6272846) |
| **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)^[28](https://www.businesswire.com/news/home/20210208005872/en)^[29](https://www.businesswire.com/news/home/20250612306575/en)^[25](https://www.gasstrategies.com/wp-content/uploads/2026/01/Perspective_GasStrategies_Sep-2025_Trends-in-FLNG.pdf) |
| **Liquefaction owners** | Own export plants and sell LNG, often on 20-year contracts | QatarEnergy (Qatar) Cheniere (US) Venture Global (US) NextDecade (US)^[10](https://gcaptain.com/alaska-lng-could-cost-more-than-double-gulf-coast-rivals-raising-questions-over-economics/)^[11](https://pgjonline.com/news/2026/march/venture-global-s-cp2-lng-project-cost-climbs-4-billion-to-335-billion)^[15](https://www.lngindustry.com/liquefaction/20032026/qatarenergy-provides-production-update/)^[29](https://www.businesswire.com/news/home/20250612306575/en) |
| **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 designs^[30](https://www.hellenicshippingnews.com/korean-shipbuilders-win-10-lng-carriers-as-north-america-fuels-orders/)^[7](https://gtt.fr/no96-super) |
| **Portfolio players and floating owners** | Buy from many plants and resell flexibly; own floating units | Shell (UK) Golar LNG (Bermuda/Norway)^[20](https://worldoil.com/news/2026/6/30/shell-sees-flat-lng-trade-in-2026-as-hormuz-recovery-remains-uncertain)^[25](https://www.gasstrategies.com/wp-content/uploads/2026/01/Perspective_GasStrategies_Sep-2025_Trends-in-FLNG.pdf) |

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

1. [2025 World LNG Report](https://www.connaissancedesenergies.org/sites/connaissancedesenergies.org/files/pdf-actualites/1763396210-1747916410-igu-world-lng-report-2025.pdf) International Gas Union, 2025
2. [NO96 Super+](https://gtt.fr/no96-super) GTT, 2024
3. [Alaska LNG could cost more than double Gulf Coast rivals, raising questions over economics (Reuters)](https://gcaptain.com/alaska-lng-could-cost-more-than-double-gulf-coast-rivals-raising-questions-over-economics/) gCaptain, 2026
4. [Venture Global's CP2 LNG project cost climbs $4 billion to $33.5 billion](https://pgjonline.com/news/2026/march/venture-global-s-cp2-lng-project-cost-climbs-4-billion-to-335-billion) Pipeline and Gas Journal, 2026
5. [QatarEnergy provides production update](https://www.lngindustry.com/liquefaction/20032026/qatarenergy-provides-production-update/) LNG Industry, 2026
6. [Shell sees flat LNG trade in 2026 as Hormuz recovery remains uncertain (Bloomberg)](https://worldoil.com/news/2026/6/30/shell-sees-flat-lng-trade-in-2026-as-hormuz-recovery-remains-uncertain) World Oil, 2026
7. [Innomotics accelerates LNG electrification with major eLNG drive orders worldwide (press release)](https://www.presseportal.de/pm/179189/6272846) Innomotics GmbH via news aktuell, 2026
8. [Trends in FLNG (Perspective, September 2025)](https://www.gasstrategies.com/wp-content/uploads/2026/01/Perspective_GasStrategies_Sep-2025_Trends-in-FLNG.pdf) Gas Strategies, 2025
9. [Chiyoda and Technip Energies joint venture awarded EPCC contract for North Field East onshore facilities](https://www.businesswire.com/news/home/20210208005872/en) Technip Energies (Business Wire), 2021
10. [NextDecade EPC contracts with Bechtel for Rio Grande LNG Trains 4 and 5](https://www.businesswire.com/news/home/20250612306575/en) NextDecade (Business Wire), 2025
11. [Korean shipbuilders win 10 LNG carriers as North America fuels orders (ChosunBiz, citing Clarksons Research)](https://www.hellenicshippingnews.com/korean-shipbuilders-win-10-lng-carriers-as-north-america-fuels-orders/) Hellenic Shipping News, 2026

## Other sections

- [Summary](https://www.materialinsights.org/energy/e_lng/index.md)
- [Overview](https://www.materialinsights.org/energy/e_lng/overview/index.md)
- [Correlation](https://www.materialinsights.org/energy/e_lng/correlation/index.md)
- [How it works](https://www.materialinsights.org/energy/e_lng/explain/index.md)
- [Efficiency and losses](https://www.materialinsights.org/energy/e_lng/efficiency/index.md)
- [Technology advances](https://www.materialinsights.org/energy/e_lng/advances/index.md)
- [Geopolitics and regulation](https://www.materialinsights.org/energy/e_lng/geopolitics/index.md)
- [Unit economics](https://www.materialinsights.org/energy/e_lng/economics/index.md)
- [Impact on the biosphere](https://www.materialinsights.org/energy/e_lng/biosphere/index.md)
- [Relationships](https://www.materialinsights.org/energy/e_lng/links/index.md)