Natural gas is transported via a dedicated global network toward the world's principal market regions. Within these market regions, local distribution companies grid into the end-consumer locations (households, offices, factories, and power plants). Three main phases can be defined in the natural gas value chain: the upstream phase, involving natural gas exploration and production, the midstream end comprises transport and storage the downstream phase, responsible for distributing and retailing the final product. This chapter aims at providing an overview of the physical value chain of the Natural Gas business industry and an introduction to natural gas sector regulation, offering, at the same time a review of the main regulatory principles and best practice in the sector. Finally a focus on the development of the gas hubs is provided.
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