Spain’s largest gas and LNG group, Gas Natural Fenosa (GNF) has announced that it will continue to show resilience to the international gas surplus until the rest of the year and that it could witness a trivial improvement in the gas margin after a rather turbulent period. This will allow the company to comply with the targets outlined in its 2020 startegy, reported Platts.
The company mentioned that its wholesale gas margin has improved by 5% in the second quarter of 2016. It expects this rate to slightly improve or at least remain stable throughout the rest of the year.
According to Natural Gas Europe, Spanish gas and power supplier GNF reported a net profit of $716m in H1 of 2016.
According to GNF’s CEO, Rafael Villaseca, the company would remain cautious for the remainder of 2016, given the “agitated” market conditions. He said that the company has managed to come out of a very tough period where margins have been crimped as a result of the supply surpassing the demand.