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Glossary

Please find here the terms most frequently used in the liquefied natural gas area and their explanation.

A - F
Associated Organisations
Organisations that have similar interests and that undertake similar activities in order to benefit the LNG industry.

Boil-off
The amount of LNG which evaporates from the tank during transportation or storage.

Boiling Point:
The “boiling point” is the temperature at which a liquid boils or at which it converts rapidly from a liquid to a vapour or gas at atmospheric pressure. The boiling point of pure water at atmospheric pressure is 100°C (212 °F). The boiling point of LNG varies with its basic composition, but typically is -162°C (-259 °F).

CNG
Compressed natural gas: natural gas in its gaseous state that has been compressed.

FERC
Federal Energy Regulatory Commission

G - K
Gasnaturally
A campaign which aims to showcase the essential role of natural gas in the forthcoming energy transformation in Europe.

HH
Henry Hub (reference hub used for gas pricing in the United States)

ICP
Indonesian Crude Price

JCC
Japan Crude Cocktail (price used as a reference for LNG pricing in Asia)

L - R
Liquefaction
In order to obtain maximum volume reduction, the gas has to be liquefied through the application of refrigeration technology which makes it possible to cool the gas down to approximately -162 °C (-256°F) when it becomes a liquid. It is called the liquefaction process.

MMBtu
One million British Thermal Units. The Btu is the standard unit of measurement for heat. A Btu is defined as the amount of energy needed to raise the temperature of one pound of water one degree Fahrenheit from 58.5 to 59.5 degrees under standard pressure of 30 inches of mercury. 

NBP
National Balancing Point

Regasification
It is the process of warming LNG until liquid gas returns to a gaseous state.

Regasification terminal
Marine or waterfront facilities in which LNG carriers deliver the LNG. LNG is then stored before undergoing regasification, which converts the LNG back into its gaseous form.

S - V
TPA
Third Party Access

TUA
Terminal Use Agreement: contract - generally long-term - to book regasification capacities on a terminal

VCP
Voyage Charter Party. A standard agreement specifically designed for short-term LNG shipping.