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Gas Natural Fenosa LNG corporate summary

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Report summary

Gas Natural Fenosa is an active and experienced player in the LNG business, with the Spanish gas and power market at its core. In recent years, GNF has been expanding its international business amid uncertainty over Spanish gas demand and liberalisation efforts in Spain. It has significant positions in Latin America and has agreed a number of deals to supply LNG into Asia. It has also been active in contracting new LNG supply from the US and Russia. This reflects the forthcoming expiry of legacy contracts from Nigeria and Trinidad, uncertainty over Algerian piped supply and a lack of clarity over its supply obligations into Spain. The destination flexibility of its US LNG contracts is particularly attractive to GNF to optimise its LNG portfolio.

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Table of contents

  • Executive summary
  • Recent developments
    • A weak Spanish gas market has bolstered GNF's diversification strategy
    • GNF is focusing on geographical diversification, especially into Latin America…
    • … But also on business diversification, with a strong push for an integrated energy value chain approach
    • GNF will seek further portfolio optimisation
      • GNF's Effective Liquefaction Capacity
    • Regas
    • Shipping
    • GNF's Contracted Supply Pricing
    • GNF's Committed LNG Pricing
      • Capturing margins from oil indexation
      • Hedging its US exposure
      • Destination Flexibility
      • Pipeline Portfolio
  • Risks and uncertainties

Tables and charts

This report includes 17 images and tables including:


  • GNF's Purchase Contracts into Portfolio
  • GNF's Sales Contracts out of Portfolio
  • GNF's Regas Capacity
  • GNF's Shipping Capacity
  • GNF's Shipping Utilisation
  • Pricing Exposure
  • Weighted average cost and price of LNG
  • LNG assets: Image 1
  • GNF's Contracted LNG Supply
  • Supply-demand balances: Image 2
  • GNF's Contracted Sales
  • GNF's Flexible LNG Availability


  • Executive summary: Table 1
  • Table 1 GNF's Liquefaction Capacity
  • Table 2 GNF's Regas Capacity
  • Supply-demand balances: Table 1
  • Table 4 Committed LNG agreements in force

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