Gate LNG shareholder Gasunie reports lower profit

Dutch gas infrastructure company and a shareholder in the Gate LNG terminal in Rotterdam, Gasunie, reported a decline in net profit and revenue. 

The company’s net profit dropped €370 million to a total of €183 million (Approx: US$196.4 million) while the revenue decreased to €1.55 billion in 2016 to €1.63 billion in 2015.

The decrease has been attributed to a €450 million impairment on the GTS network and a decrease in capacity sold.

Speaking of the 2016 results, Han Fennema, CEO of Gasunie, said the company has transported more gas than in the previous year.

Throughout 2016, Gasunie transported a total of 1,236 TWh up, compared to 1,170 TWh in 2015, the company said in its latest report.

Due to the production cap on low-calorific Groningen gas, substantially more high-calorific gas from the Netherlands and abroad had to be made suitable (converted) for use by domestic households and companies.  In total 23.4 billion cubic meters up from 16.9 billion cubic meters recorded in 2015, the highest volume since 2003.

1 EUR = 1.07300 USD