GDF Suez sold 142 LNG cargoes in 2014, up from 87 cargoes in 2013, with “significantly higher volumes diverted to Asia and Europe in 2014,” deputy CFO Valery Perrier said at the group’s annual results presentation.

The number of cargoes sold to Asia rose from 67 in 2013 to 75 last year, although this was offset by lower margins on cargo diversions and reduced supplies from Egypt, he said.

Last year’s drop in oil prices had a significant impact on LNG sales prices to Asia, since these are mostly oil-indexed, deputy CEO and COO Isabelle Kocher added.

“Gas prices in Asia fell from Eur45/MWh (around $50/MWh at current rates) to roughly Eur20MWh by year-end,” she said.

Ebitda for the Global Gas and LNG business line rose 10.9% year on year on a like-for-like basis, to Eur2.2 billion “mainly due to the rise in total hydrocarbon production following the commissioning of new fields and the strong LNG activity in Europe and Asia, partially offset by the fall in sales prices for Exploration-Production,” GDF Suez said.

GDF Suez had a total gas supply portfolio of 1.3 TWh in 2014, of which 555 GWh was acquired through third-party long-term contracts.

Of this 555 GWh, 30% came from LNG, a similar share as in 2013, company documents show.

Source: Platts