Enagas logs rise in 2020 net profit

Spanish LNG terminal operator Enagas reported a 5.1 percent rise in the firm’s net profit last year as its regasification plants continued to operate as usual during the Covid-19 pandemic.

Net profit rose to 444 million euros ($540 million) from 422.6 million euros in 2019, but revenue dropped 5.8 percent to 1.08 billion euros, according to Enagas.

Enagas said its network of LNG terminals unloaded in total 238 tankers from 14 different origins during the last year.

Regasification activity at the system’s terminals reached 220.8 TWh. Enagas also said that around 95% of storage capacity had been contracted as of December 31.

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.

In addition, Enagas now aims to achieve its carbon neutral targets by 2040, ten years before the plan revealed last year.

The Spanish firm said it would work towards achieving this pledge through more than 50 energy efficiency projects.

Moreover, the company claims it has slashed its emissions by 63.2 percent between 2014 and 2020.

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