Enagas logs lower profit in Q1

Spanish LNG terminal operator Enagas reported a 22 percent decline in the firm’s quarterly net profit and it expects full-year profit to drop as well.

Net profit dropped to 92.9 million euros ($112 million) in the first quarter, compared to 119.1 million euros in the same period last year, according to Enagas.

The firm also said it expects profit of around 380 million euros for the entire year. This would mark a decline of 14 percent when compared to 444 million euros net profit last year.

Revenue in the first quarter also fell 15 percent to 240.6 million euros due to new regulations in Spain which lowered fees, and the termination of the Al-Andalus and Extremadura contract, Enagas said.

In addition, Spanish natural gas demand dropped 2.3 percent in the January-March period when compared to last year. Natural gas demand reached 99.3 TWh during the period, Enagas said.

The company has four regasification plants in Barcelona, Huelva, Cartagena and Gijon. It also owns 50% of the BBG regasification plant in Bilbao and 72.5% of the Sagunto plant.

Most Popular

Posco International, Glenfarne ink Alaska LNG pact

US energy firm Glenfarne and Posco International, a unit of South Korean steel producer Posco, have signed a deal to advance a strategic partnership for the development of the Alaska LNG project. This includes initial terms for a long-term heads of agreement for LNG supply.

Monkey Island LNG pens offtake MoU

Houston-based Monkey Island LNG, the developer of a 26 mtpa liquefaction and export facility in Cameron Parish, Louisiana, said it had signed a memorandum of understanding with an unidentified international oil company for the offtake of LNG.

Hudong-Zhonghua gets approvals for new LNG bunkering vessel

Chinese shipbuilder Hudong-Zhonghua has received approvals from five classification societies for a 25,000-cbm LNG bunkering vessel design it jointly developed with French LNG containment specialist GTT.

More News Like This

Spanish LNG imports rise in August

Spanish liquefied natural gas (LNG) imports continued to rise in August compared to the previous year, with the US supplying the majority of the volumes.

Spanish LNG imports continue upward trend

Spanish liquefied natural gas (LNG) imports continued to rise in July compared to the previous year, with the US, Angola, and Nigeria supplying the majority of the volumes.

Axpo joins forces with Enagas on Spanish bio-LNG bunkering op

Switzerland’s Axpo has joined forces with Spain's Enagas to complete what it says is Spain's first ship-to-ship bio-LNG bunkering operation at the port of Algeciras in the large container shipping industry.

Spanish LNG imports continue to increase

Spanish liquefied natural gas (LNG) imports continued to rise in June, with Algeria and the US supplying the majority of the volumes.