Distrigas & Co was set up to commercialize natural gas transit capacity in the Zeebrugge-Blaregnies and Zeebrugge-Zelzate/Eynatten pipelines.
In January 2007, pending the transfer of Distrigas & Co to Fluxys, Distrigas mandated Fluxys on behalf of Distrigas to take on the management and commercialization of all Distrigas & Co transit capacity.
Distrigas & Co holds a 10% stake in Huberator and a 49% stake in the liquefied natural gas (LNG) carrier, BW Suez Boston. The overall price of the transaction is estimated at E958 million.
The price of the transit activities was set at E350 million, though a price supplement may be payable to Distrigas. The supplement is to be determined starting from the discounted cash flows to be calculated by the parties after regulatory, legislative and judicial decisions.
As for Fluxys, it obtained the necessary guarantees to cover the downward risk. Distrigas and Fluxys have a call and a put option, respectively, on the stake in the LNG carrier.
