(Bloomberg) -- ConocoPhillips has gained access to Belgium’s liquefied natural gas import terminal for 18 years as part of the company’s expansion into lucrative European markets.
The deal means ConocoPhillips will take three-quarters of a million tons a year of import capacity at Fluxys Belgium SA’s terminal in Zeebrugge from April 2027.
That will give the company a pathway into the Belgian gas market and its trading hub, as well as connectivity to markets in neighboring countries such as France, Germany and the Netherlands, ConocoPhillips said in an emailed response to questions.
“This is a market we know really well as we’re already marketing our Norwegian gas production into Europe,” spokesman Dennis Nuss said.
ConocoPhillips has in recent years been expanding in LNG in North America, taking a stake in Sempra Infrastructure LLC’s Port Arthur LNG export project in Texas and lining up LNG supply deals.
Europe in particular has been a lucrative market for LNG suppliers as the continent is diversifying its supply sources following the loss of most Russian pipeline gas. ConocoPhillips previously agreed to take long-term capacity at the Gate LNG import terminal in the Netherlands, while also agreeing to bring Qatari LNG to Germany from 2026.
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