Feb 25 (LNGJ) - French utility Engie posted a net loss of 4.6 billion euros ($5Bln) for 2015 after booking 8.7Bln euros in one-off items due to plunging oil and natural gas prices. The charges were mainly related to the exploration and production activity, heavily impacted by the prolonged drop in energy prices that hit LNG supply and sales activity. “In a deteriorated market context, Engie launches an ambitious three-year transformation plan,” said Gerard Mestrallet, Chairman and Chief Executive. “This plan aims at redesigning the portfolio of activities of the group, thanks to a 22Bln euros capex program and a 15Bln euros portfolio rotation program,” Mestrallet explained.
Engie has redesign plan
Written by John McKay
Thursday, 25 February 2016
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