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.