Liquefied Natural Gas Safety and Security Act of 2005 - Amends the Natural Gas Act to prohibit the Federal Energy Regulating Commission (FERC) from authorizing an applicant to site, construct, expand, or operate a liquefied natural gas import facility, unless FERC has required the applicant to develop a cost-sharing plan in cooperation with the Commandant of the Coast Guard and State and local agencies that provide for the safety and security of the liquefied natural gas import facility and any vessels that serve it.
Requires FERC to review annually all pending applications for the siting, construction, expansion, or operation of a liquefied natural gas import facility in a region and, after consultation with the pertinent States and the Commandant, determine: (1) whether liquefied natural gas import facilities are needed in a region; and (2) the number of liquefied natural gas import facilities so needed.
Denies FERC authority to preempt a State permitting determination related to a liquefied natural gas import facility.
Amends Federal law governing standards for liquefied natural gas pipeline facilities to direct the Secretary of Transportation to promulgate regulations establishing standards to promote the remote siting of liquefied natural gas pipeline facilities.
Directs the Commandant to issue regulations establishing thermal and vapor dispersion exclusion zone requirements for vessels transporting liquefied natural gas.