Fluxys Belgium benefits from Europe's rush to secure gas supplies

Fluxys Belgium SA

28/09/2022 19:39

Sept 28 (Reuters) - Gas pipeline operator Fluxys Belgium
 FLUX.BR  reported stable half-year results on Wednesday as
strong demand to send gas from Belgium offset risks from Western
sanctions imposed due to Russia's invasion of Ukraine.
    "Our grid has once again confirmed its role as an energy hub
for North-West Europe," the group said in a statement, citing
the Zeebrugge terminal as an important gateway for natural gas
via pipelines and liquefied natural gas (LNG) via shipping.
    Russia slashed gas deliveries to Europe after the West
imposed sanctions over what Moscow called its "special military
operation" in Ukraine, leading countries in the region to fire
up old coal plants and expand LNG capacities.
    On Wednesday, NATO and the European Union stressed the need
to protect critical infrastructure after what they called acts
of "sabotage" on the Nord Stream pipelines.
    "The European Union requires Belgium and the other EU member
states to have their gas storage facilities at least 80% full by
1 November this year," Fluxys Belgium said. "By 1 September, our
underground storage facility in Loenhout – the only one in
Belgium – was 92% full."
    Fluxys Belgium also said it planned to bolster the
Zeebrugge-inland route in the near term by building an
additional pipeline between Desteldonk and Opwijk in order to
create additional throughput capacity for Belgium and
neighbouring countries.
    The company, which is not active in the Russian market nor
has investments in Russian companies, confirmed that it did not
expect the conflict to have a major negative impact on its
full-year consolidated result.
    "Fluxys Belgium group sees no indications for impairment."
    For the first six months of the year, the firm posted
earnings before interest, taxes, depreciation and amortisation
(EBITDA) of 153.6 million euros ($149.44 million), against 155.3
million last year.
($1 = 1.0279 euros)
 (Reporting by Juliette Portala, editing by Barbara Lewis and
David Evans)
 ((juliette.portala@tr.com ; +48 587 696 607))