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BUSINESS MODELS FOR THE LNG INDUSTRY IN THE 21ST CENTURY

机译:21世纪LNG行业的商业模式

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Nearly every outlook for the worldwide LNG business forecasts strong growth over the next decade. The key driver is the remarkable cost improvement in all phases of the industry, which has resulted in competitive prices for LNG versus pipeline gas as well as other alternative fuels.rnThese technical developments are increasingly mirrored by changes in the typical LNG business model. Historically, this has consisted of a “project company” delivering LNG to gas and power utilities with monopolistic franchise areas. Off take terms were rigid, contracts were 20+ years in duration and delivery was made on dedicated ships.rnBuyers and sellers alike are now forcing changes to this model. Many buyers must adapt to new risks stemming from market liberalization and growing competition within their home markets. Often they move upstream, blurring the line between seller and buyer. Suppliers are also creating new business models to reduce their risks and introduce flexibility in production ventures, required by the increasing vertical integration of the LNG business. Super majors are putting complete supply chains in place from the wellhead to the consumer. Participants buying “equity” LNG from their “own” projects or using tolling arrangements are beginning to replace traditional “project” sales.rnThese changes have been particularly evident in the Atlantic, but are now spreading to the Asia-Pacific region. As a result, the business and organizational models need changes to create more flexibility and quicker responses to a global and more dynamic market and also to manage the potential conflicts of interest for companies acting as seller and buyer.rnA bright future is forecast for LNG, but the path is not without obstacles. The industry must continue to innovate to reduce LNG costs. Lenders and the shipping sector need to keep pace with market developments. Equally as important, the industry must develop new approaches to LNG sales and business structures.
机译:全世界液化天然气业务的几乎所有前景都预示了未来十年的强劲增长。关键的推动力是该行业各个阶段的显着成本降低,这导致LNG与管道天然气以及其他替代燃料的价格具有竞争力。rnn典型LNG商业模式的变化越来越反映了这些技术发展。从历史上看,这包括一个“项目公司”,向拥有垄断特许权区域的天然气和电力公用事业公司提供液化天然气。承购人的条款很严格,合同期限为20年以上,并且是在专用船上交付的。rn买卖双方现在都在强制对此模型进行更改。许多买家必须适应因市场自由化和本国市场竞争加剧而产生的新风险。他们经常向上游移动,模糊了买卖双方之间的界限。供应商还创建了新的商业模式,以降低风险并在生产企业中引入灵活性,这是液化天然气业务日益垂直整合所要求的。超级专业人士正在建立从井口到消费者的完整供应链。参加者从其“自己的”项目购买“权益” LNG或使用收费安排开始取代传统的“项目”销售。这些变化在大西洋尤为明显,但现在已蔓延至亚太地区。结果,业务和组织模型需要改变,以创造更大的灵活性和对全球变化多端的市场做出更快的反应,并管理作为买卖双方的公司的潜在利益冲突。但道路并非没有障碍。业界必须继续创新以降低液化天然气的成本。贷款人和航运部门需要与市场发展保持同步。同样重要的是,该行业必须为LNG销售和业务结构开发新方法。

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