Abstract:

The long-term contracts were the base of upstream and downstream in the liquefied natural gas（LNG）industry chain.Through analyzing the current of upstream LNG cooperate development，combined with the Guangdong Dapeng LNG project’s successful experience，this paper pointed out that cross-shareholdings and jointed development were the key guarantee to fulfill those long-term LNG contracts.The LNG’s trade mode was reasonable by the perspective of specific assets in economic theory.Thereby，through equity capital penetration and acquisitions，establishing the relational contracts，these are the strategic choice of the domestic energy company for expanding overseas business.

Key words: 液化天然气, 关系合同, 资本渗透, 策略

摘要：

在LNG产业链中，长期合同是上下游贸易与合作的基础。通过分析目前LNG上游的合作开发，结合广东大鹏LNG项目的成功经验，指出相互持股、联合开发是LNG长期合同履行的关键保障，并从经济学理论中的资产专用性角度，解释LNG产业贸易模式存在的合理性。提出通过资本渗透和股权收购，建立关系合同是国内能源企业扩大海外业务的一种战略选择。

关键词: 液化天然气, 关系合同, 资本渗透, 策略