TAP shareholder increases investments in property, plant and equipment

Oil&Gas Materials 26 March 2020 11:45 (UTC +04:00)
TAP shareholder increases investments in property, plant and equipment

BAKU, Azerbaijan, March 26

By Leman Zeynalova – Trend:

In 2019, investments of Fluxys Belgium in property, plant and equipment totalled €91.3 million, compared with €78.1 million in 2018, Trend reports with reference to the company.

“In 2019, €14.4 million was spent on transmission projects, €4.5 million on storage infrastructure and €72.4 million on LNG infrastructure projects (mainly the construction of a fifth tank at the Zeebrugge LNG terminal),” reads the report released by Fluxys Belgium.

The Fluxys Belgium group generated turnover of €531.0 million in 2019.

“This represents an increase of €27.8 million compared with 2018, when turnover stood at €503.2 million. Net profit rose from €54.5 million in 2018 to €69.5 million in 2019, an increase of €15.0 million. The change in regulated turnover and net profit is mainly due to the evolution of the different components to be covered by the regulated tariffs. As regards LNG terminalling, the regulated return increased because of the expansion investments for transshipment services at the Zeebrugge LNG terminal,” reads the report.

Despite the major impact of the Covid-19 outbreak, all Fluxys Belgium’s essential services remain operational.

“Our contingency planning has been activated and we are fully focused on our vital role towards society and our customers: safety and continuity of gas supply. At the same time, we carefully comply with the health and safety measures recommended by the Belgian authorities and have taken the necessary steps to safeguard the health of our employees and to mitigate the spread of the Covid-19 pandemic.”

Fluxys Belgium is the independent operator of both the natural gas transmission grid and gas storage infrastructure in Belgium. Through its wholly owned subsidiary Fluxys LNG, the company also operates the Zeebrugge liquefied natural gas (LNG) terminal. Fluxys Belgium is a subsidiary of Fluxys, the gas infrastructure group based in Belgium and active across Europe.


Follow the author on Twitter:@Lyaman_Zeyn