Middle Eastern LNG between free market and saturation

Rudolf Huber

Head of Business Development, EconGas GmbH

Abu Dhabi, 11 February 2009

2

The next twist

And another change

What's left now?

Is there light at the end of the tunnel?

3

The origins

Every cargo counts

No alternative for sellers

The real floating pipeline

4

Markets, at last

Markets foster greed

Quick marketing models

Slow infrastructure development

5

All upside – no risk please

Markets self adjust

Best of two worlds

Market – security max formula

6

And now …?

End of carefree living?

Markets counterattack

Next great thing around the corner?

7

A commodity?

Not freely tradable

No transparent quotes

Relationship driven

8

What's the LNG premium

Noble form of gas?

Any value in flexibility?

Who needs my gas more?

9

Remnants from the old days

Strong partners ride out any storm

More marriage than one night stand

Rebalancing

10

Security for everyone

Security of supply

Security of finance

Uprooting hurts both

11

Market – a real asset

Resource just part of the deal

No sink – no trading

LNG searching home

12

Geographics

Asset?

Liability?

The force of a position

13

Hunting the elusive

Sharp focus

Clear strategy

Stability

14

Anything to spare

Domestic market

The next big thing

Any leftover for me?

15

Doing it all

More value

More efforts

The strength of the specialist

16

► EconGas GmbH

ARES Tower, Donau-City-Strasse 11, 1220 Vienna, Austria

www.econgas.com