Fluxys releases results for 1H19

Highlights

• Regulated turnover up to €260.0 million (compared with €250.1 million in 1H18).
• Net profit up to €31.4 million (compared with €24.3 million in 1H18): expansion investments in LNG terminalling increase return, but rise offset by a drop in the OLO reference interest rate.
• €45.2 million in investments, mainly in the fifth storage tank at the Zeebrugge LNG terminal.
• Record activity levels at the Zeebrugge LNG terminal and a new long-term contract for unloading LNG carriers.
• Transmission tariffs for 2020 – 2023 to decrease.
• Practical steps to bring the energy transition forward: results as of today with natural gas while fully targeting green gas as well.
• Objective of reducing our own greenhouse gas emissions by 50% by 2025: Fluxys Belgium switches to green gas for heating its buildings.

Key LNG events

Record activity levels at the Zeebrugge LNG terminal:

• The number of ships docking at the Zeebrugge LNG terminal was more than double the number that did so in 1H18: 36 ships came to the terminal to unload their LNG and 10 for transshipment services, while 12 small vessels docked to be loaded with LNG. In the first half of the year, the volume of natural gas sent out into the transmission system from the terminal was more than three times the level in the first six months of last year. The commissioning of a second LNG-truck loading station also had a positive impact, with 1081 trucks being loaded, compared with 650 in 1H18. May was an all-time record month with no fewer than 13 ships docking at the terminal and 194 trucks loading LNG.

New long-term contract for unloading LNG carriers:

• In early September 2019, Qatar Terminal Ltd. on a long-term basis booked all the unloading slots for the existing capacity at the Zeebrugge LNG terminal as the current unloading contracts expire. This agreement, which runs until 2039 and can be extended until 2044, is the result of a subscription window held in the first half of the year for all interested market parties. In late June, the Belgian federal energy regulator, the Commission for Electricity and Gas Regulation (CREG), approved the accompanying tariff proposal and the draft LNG services agreement.
• This new contract makes a major contribution to securing the long-term future of the Zeebrugge terminal and further strengthens its position as a versatile LNG gateway into Europe offering customers optimum destination flexibility. The terminal provides not only ample pipeline transmission take away capacity for delivery throughout North-West Europe but also a wide range of options for downstream small scale LNG distribution.

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/26092019/fluxys-releases-results-for-1h19/