Spain’s Enagas posts quarterly profit hike

Spanish LNG terminal operator Enagas reported a 14.7 percent rise in first-quarter profit as it saw no impact from the Covid-19 coronavirus pandemic.

The company said net profit in the first quarter increased to 119 million euros ($128.8 million).

This compares to 104 million euros in the same period a year ago.

Enagas said its analysis showed no impacts from Covid-19 to its first-quarter results.

The company said it implemented contingency plans in order to maintain normal operations.

This is also to ensure the continuity of natural gas supply both in Spain and abroad during the crisis.

Demand for natural gas in Spain at the end of the first quarter fell 2.4 percent from the same period a year ago as a result of the coronavirus lockdown from mid-March.

Industrial demand dropped 2.1 percent to 55.4 terawatt-hours while natural gas demand for power generation declined 1.3 percent to 17 terawatt-hours.

Enagas said rising gas demand from industrial clients in the first two months of 2020 had been affected since Mid-March. The rate of decline was about 2 percent per week, it said.

- Advertisements -

Most Popular

Hoegh LNG says Australian FSRU contract confirmed

Floating LNG player Hoegh LNG said on Friday that Australian Industrial Energy (AIE) has confirmed a long-term FSRU charter...

Tellurian: early works progress at Driftwood LNG site

US LNG firm Tellurian and compatriot engineer Bechtel are moving forward with early site works for the Driftwood LNG...

Brunei Gas Carriers sells old LNG tanker

Brunei Gas Carriers said it has sold its longest-serving A-Class liquefied natural gas (LNG) carrier, Abadi. "On June 20, 2022,...

More News Like This

Enagas joins forces with Repsol and CMA CGM’s Containerships for Spanish LNG bunkering op

Spanish LNG terminal operator Enagas said it has teamed up with compatriot energy firm Repsol and CMA CGM's Containerships...

Spain’s Enagas says regas volumes up 81 percent in Q1

Spanish LNG terminal operator Enagas reported an 81 percent increase in its regasification volumes to 77.3 TWh in the...

Knutsen’s LNG bunkering newbuild gets two tanks in Spain

Spain’s Armon Gijon is moving forward with the construction of Knutsen’s 5,000-cbm LNG bunkering ship and the vessel recently...

EIG, Fluxys to buy 80 percent stake in Chile’s Quintero LNG import terminal

Washington-based energy investor EIG and Belgium's LNG terminal operator Fluxys have joined forces to buy an 80 percent equity...