Fluxys Belgium posts lower H1 profit

Fluxys Belgium, the operator of the Zeebrugge LNG terminal, on Wednesday said its net profit for the first half of 2016 reached €19.7 million, down from €26.9 million in the same period in 2015. 

The operating revenue came at €237.8 million during the period under review, a 9.3 percent drop compared to the €262.1 million recorded in the first half of 2016, Fluxys said in its latest financial report.

According to the report, out of the €195 million earmarked for investment, €54.2 million have already been invested during the first six months of the year, of which approximately €34 million went into LNG infrastructure projects.

Fluxys Belgium is constructing the fifth LNG storage tank at the Zeebrugge liquefied natural gas terminal, as well as a second jetty that would enable the facility to receive small-scale LNG vessels. The second jetty is set for commissioning in the fourth quarter 2016.

Although fewer LNG vessels were unloaded in the first half of 2016 compared to the same period the previous year, the LNG terminal had a favorable utilization rate compared to other terminals in northwest Europe, Fluxys said.

In comparison to the first six months of 2015, more large LNG vessels were loaded and small-scale LNG activity increased.

The number of truck loadings increased, reaching 772 tanker trucks in the first half of 2016, compared to the 556 trucks in the same period in 2015. Fluxys said it also intends to build a second loading station at the facility in 2017.

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LNG World News Staff