Jurisdiction(s):
United Kingdom

Key definition

LNG definition

What does LNG mean? In energy, shipping and infrastructure practice, LNG means natural gas liquefied for storage and marine transport. It is processed gas, primarily methane with small amounts of other hydrocarbons and inert gases, cooled to about −162°C to form a liquid at or near atmospheric pressure. It is shipped by LNG carriers to import terminals for storage and regasification into the gas grid, or supplied as LNG to end users. The term is descriptive rather than a single statutory definition in the UK or Ireland. Where precision is needed, contracts and technical specifications define LNG by composition and quality parameters (e.g. heating...

LNG tolling agreements: structure versus merchant model; tariff design, capacity/volumetric rights, lifting, ADP and allocation, SPAs alignment, bankability, liability and dispute resolution

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Practice notes

Introduction

The business model that supports a liquefied natural gas (LNG) project is crucial, as it shapes the project’s overall risk profile and, in turn, the form of financing required. The selection ultimately rests on several factors, such as risk appetite, fiscal and tax drivers, and the investor’s financing considerations, alongside whether they wish to invest in one or more segments of the LNG chain (for more on the LNG value chain, see Practice Note: LNG—an introduction). LNG projects can be configured in a range of ways:

integrated/non-integrated
merchant/tolling

In an integrated arrangement, Ownership is aligned across the whole LNG chain, from production through to liquefaction—that is, one or more Investors holding the underlying upstream concession/PSC also hold the rights to the natural gas reserves...

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Web page updated on 21/05/2026

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