Gas Natural Fenosa's LNG strategy will be put to the test over the next five years, as the group gives priority to marketing further LNG. Its contracted LNG supply will almost double to 12.5 mmtpa by 2021. This will result in 3 to 6 mmtpa of flexible LNG in its portfolio – at a time of increased competition from its peers and traders in an oversupplied market. The company retains a strong (but declining) market share in the quasi-liberalised Spanish market. GNF has successfully mitigated risks in Spain by diversifying into emerging low-risk countries. It has invested into gas, electricity and power generation infrastructure and built a leading presence across Latin America. Its business model is to create an integrated energy chain, starting with customers and leveraging its privileged downstream positions to bolster demand it can supply.