# LNG Value Chain

The chain that turns natural gas into LNG and delivers it: plants and their equipment, carriers and floating units, terminals and traders.

Theme: Liquefied natural gas (Energy and resources). Page: https://thematiq.io/themes/liquefied-natural-gas/lng-value-chain/

## Key facts

- **The build: 18** parts in the LNG Value Chain: Bill of Materials bill of materials, each traced to the companies that supply it (ThematIQ research)
- **The companies: 16** companies worth $284 billion, earning on average 73% of their revenue here (Annual reports and exchange data, 2026-10-28)

## What it holds

Listed companies that earn their revenue supplying these parts of the LNG Value Chain: Bill of Materials bill of materials, each read from its own reports.

| Part | Covers |
|---|---|
| Feed gas production | lng feedgas production |
| Gas gathering, treating and pipeline transport | gas gathering processing, interstate gas pipelines |
| LNG facility EPC, FEED and module fabrication | lng epc contracting, architecture engineering services, process module fabrication |
| Liquefaction process technology and heat exchange | lng process licensing, main cryogenic heat exchangers, brazed aluminum heat exchangers coldboxes, air cooled heat exchangers |
| Refrigerant compressors, gas turbines and drivers | gas turbines, centrifugal axial compressors, motor drives |
| Cryogenic pumps, expanders, valves and vaporizers | cryogenic pumps expanders, cryogenic valves, lng vaporizers |
| LNG storage tanks and marine loading systems | lng storage tanks, marine loading arms jetty |
| Cryogenic materials and insulation | cryogenic nickel steel plate, invar membrane alloys, cryogenic insulation |
| Electrical, process control and safety systems | switchgear, transformers, process automation dcs, safety instrumented systems, fire alarm detection, ot ICs security |
| LNG carrier and floating unit shipbuilding | lng carrier shipbuilding, floating lng conversion |
| Cargo containment technology licensing | membrane containment licensing |
| Marine propulsion and shipboard gas handling | dual fuel marine engines, boil off gas handling |
| LNG shipping operators | lng shipping charter |
| Floating LNG unit owners and charterers (FSRU and FLNG) | fsru charter operations, flng charter operations |
| Liquefaction capacity owners and tolling | liquefaction tolling operations |
| Regasification terminal operators | regas terminal operations |
| Operating services, aftermarket and consumables | rotating equipment ltsa, industrial maintenance inspection, gas treating chemicals adsorbents |
| LNG portfolio players and traders | lng portfolio trading, lng offtake marketing |

## Largest companies

| Company | Listing | Market value |
|---|---|---|
| Woodside Energy Group | WDS.AU | $43 billion |
| Cheniere Energy | LNG.XNYS | $61 billion |
| Golar Lng | GLNG.XNAS | $5 billion |
| Baker Hughes | BKR.XNAS | $54 billion |
| New Fortress Energy | NFE.XNAS | $1 billion |
| Venture Global | VG.XNYS | $36 billion |
| Samsung Engineering | 028050.KO | $9 billion |
| Korea Gas | 036460.KO | $2 billion |
| Jgc Holdings | 1963.T | $3 billion |
| Chiyoda | 6366.T | $1 billion |
| Santos | STO.AU | $21 billion |
| Excelerate Energy | EE.XNYS | $4 billion |
| Korea Shipbuilding & Offshore Engineering | 009540.KO | $13 billion |
| Hanwha Ocean | 042660.KO | $12 billion |
| Samsung Heavy Industries | 010140.KO | $11 billion |

By listing country: United States 42%, South Korea 30%, Australia 14%, Japan 14%, France 0%.

### What is LNG Value Chain?

The chain that turns natural gas into LNG and delivers it: plants and their equipment, carriers and floating units, terminals and traders.

### What does LNG Value Chain hold?

Listed companies that earn their revenue from the parts it takes to build LNG Value Chain: Bill of Materials: Feed gas production, Gas gathering, treating and pipeline transport, LNG facility EPC, FEED and module fabrication, Liquefaction process technology and heat exchange, Refrigerant compressors, gas turbines and drivers, Cryogenic pumps, expanders, valves and vaporizers. 16 companies as of 2026-10-28.

### What is not in LNG Value Chain?

Regas vaporizers: Cryogenic pumps, expanders, valves and vaporizers, not LNG facility EPC, FEED and module fabrication (separately contracted FSRU topsides) Onshore membrane tank design and erection: LNG storage tanks and marine loading systems, not Cargo containment technology licensing (licence royalties only) and not Cryogenic materials and insulation (Invar and insulation materials supplied) Invar membrane and cryogenic insulation for ships: Cryogenic materials and insulation, not LNG carrier and floating unit shipbuilding or Cargo containment technology licensing

## What it is not

- Regas vaporizers: Cryogenic pumps, expanders, valves and vaporizers, not LNG facility EPC, FEED and module fabrication (separately contracted FSRU topsides)
- Onshore membrane tank design and erection: LNG storage tanks and marine loading systems, not Cargo containment technology licensing (licence royalties only) and not Cryogenic materials and insulation (Invar and insulation materials supplied)
- Invar membrane and cryogenic insulation for ships: Cryogenic materials and insulation, not LNG carrier and floating unit shipbuilding or Cargo containment technology licensing
- FLNG topsides integration and modules: LNG facility EPC, FEED and module fabrication, not LNG carrier and floating unit shipbuilding (hull and conversion only)
- Refrigerant compressors, turbines and e-drives: Refrigerant compressors, gas turbines and drivers, not LNG facility EPC, FEED and module fabrication (only integration and installation labour)
- Installation and commissioning labour: LNG facility EPC, FEED and module fabrication, not equipment buckets 4 to 9 (equipment ex-works supply only)
- Shipboard BOG and fuel-gas compressors and reliquefaction: Marine propulsion and shipboard gas handling, not Refrigerant compressors, gas turbines and drivers (onshore and FLNG process compressors)
- Cryogenic pumps, valves and expanders on ships: Cryogenic pumps, expanders, valves and vaporizers, not LNG carrier and floating unit shipbuilding (shipyard contract value)
- LTSAs, spares and repairs: Operating services, aftermarket and consumables, not Refrigerant compressors, gas turbines and drivers or Cryogenic pumps, expanders, valves and vaporizers (new OEM equipment only)
- Third-party maintenance and inspection services: Operating services, aftermarket and consumables, not Liquefaction capacity owners and tolling or Regasification terminal operators (owners' tolling and capacity revenue)
- Header and lateral pipelines to the plant fence: Gas gathering, treating and pipeline transport, not LNG facility EPC, FEED and module fabrication (facility EPC inside the fence)
- Feed gas cost: Feed gas production, not Liquefaction capacity owners and tolling (fee only, no gas) and not LNG portfolio players and traders (trading margin)
- Carrier charter and ship management: LNG shipping operators, not LNG portfolio players and traders (shipping optimisation margin); FSRU: Floating LNG unit owners and charterers (FSRU and FLNG), not Regasification terminal operators
- Drydock, repair and classification: Operating services, aftermarket and consumables, not LNG carrier and floating unit shipbuilding (newbuild and conversion) and not LNG shipping operators (charter revenue)
- Cryogenic stainless steel and pipe: Cryogenic materials and insulation, not LNG facility EPC, FEED and module fabrication (generic bulk materials)
- DCS, SIS, fire and gas detection and switchgear: Electrical, process control and safety systems, not LNG carrier and floating unit shipbuilding or LNG facility EPC, FEED and module fabrication
- Amine, molecular sieves, mercury guard beds and refrigerant: Operating services, aftermarket and consumables, not Gas gathering, treating and pipeline transport
- Air-cooled and brazed aluminium exchangers: Liquefaction process technology and heat exchange, not Cryogenic pumps, expanders, valves and vaporizers (vaporizers) or Marine propulsion and shipboard gas handling

Data as of 2026-10-28. Source: ThematIQ (industry research, company filings, exchange data), ETFIQ (fund counts), and the publishers linked above. Not investment advice.