Fluxys reports positive Zeebrugge LNG growth

In 2025, investments in property, plant, and equipment totalled €261.8 million compared to €92.1 million in 2024. Of this amount, €4.1 million was spent on LNG infrastructure projects, €11.5 million on storage-related projects, and €246.2 million on transmission-related projects, including €68.5 million for the Knokke–Evergem pipeline which, in addition to transporting natural gas, will also be able to serve for the transport of hydrogen or carbon dioxide as soon as the market is ready.

Since the outbreak of the war in Ukraine, pipeline gas flows that previously entered Europe from Russia in the east have fallen dramatically. Replacement volumes for North-West Europe now come largely from the west and the Fluxys Belgium network plays a key role here. The LNG terminal in Zeebrugge received a record number of ships, and a total of 480 TWh of natural gas was fed into the grid to supply Belgium and its neighbouring countries. Nearly 40% more natural gas flowed to Germany and the Netherlands via its infrastructure in the Zeebrugge area compared to 2024, accounting for one-quarter of consumption in Germany. The underground storage facility in Loenhout was also completely filled by early August, which was crucial for entering the winter with fully stocked buffers.

The terminal in Zeebrugge has been using four new loading bays to load LNG trucks since 1?January 2025. The number of loading operations was up more than 10% to 8440.

Demand for bio-LNG at the Zeebrugge terminal rose in 2025 by 73% to over 2.5?TWh. The main customers are the heavy road and maritime transport sectors, which are committed to greening. Bio-LNG accounted for almost 40% of small shiploads and almost 70% of loaded LNG trucks, which primarily supply LNG truck filling stations. Following the spectacular growth in 2024, when the volume of bio-LNG increased nine-fold compared to 2023, the upward trend is clearly continuing.

Since the start of the war in Ukraine, the Council of the EU has approved several sanctions packages against Russia. Fluxys LNG, which through long-term contracts has the greatest exposure to counterparties under Russian control, applies these sanctions strictly. Recently, Regulation (EU) 2026/261 on the gradual phase-out of imports of Russian natural gas was also adopted. However, Fluxys LNG is not an importer, as the company neither supplies nor imports natural gas.

Fluxys Belgium closely monitors developments regarding the sanctions and other measures intended to restrict European imports of Russian gas. The company follows on a daily basis the potential impact of geopolitical developments on its activities and ongoing contracts and acts fully in accordance with the applicable regulations.

In the context of the conflict in the Middle East, passage through the Strait of Hormuz is currently blocked for LNG vessels, and several LNG export facilities have been damaged, notably at the Ras Laffan terminal. This could lead to a decrease in Qatari LNG exports to Europe due to the reduced availability of natural gas molecules.

This may in particular have consequences for the LNG terminal in Zeebrugge, which has clients that import LNG from Qatar under long-term contracts of the type ‘ship or pay’ for terminal services. In the current state of affairs and subject to an analysis of each individual case that may arise, these contracts and the associated payment obligations remain fully in force and unchanged.

The extent and duration of the consequences of this conflict are currently difficult to assess.

In accordance with the tariff methodology, net profit/loss from Belgian regulated activities is primarily determined based on several regulatory parameters: equity invested, financial structure, OLO interest rates and incentives. The regulated profit/loss will continue to evolve based on these four parameters. The current financial markets do not allow for accurate projections regarding changes to interest rates and, therefore, the return on regulated activities.

Fluxys Belgium has learned that the Belgian federal government, in its November 2025 budget agreement, announced its intention to withdraw €300 million from the positive balances of Fluxys Belgium’s regulatory accounts. Fluxys Belgium will closely monitor this issue and determine its position, taking into account, in particular, the legality of such a measure and the financial consequences during this period marked by significant uncertainty in the natural gas market (including the LNG market).

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