Gazprom to invest in European storage

Feb 15, 2012 12:00 AM

Russian energy giant Gazprom intends to invest EUR 200-300 mm to double its underground gas storage facilities in Europe to ensure uninterrupted gas supplies, Gazprom Deputy CEO Alexander Medvedev said.
“We cannot guarantee that the situation (with cold winter) will not be repeated next winter or will not recur in the next five consecutive years, for example. That is why, we have given a green light to the program of doubling our gas reservoir capacities in Europe,” Medvedev said.

Under Gazprom’s plan, the Russian gas monopoly is expected to double its underground storage capacity in Europe to 5 bn cm by 2015.
“Judging from our past experience, this project will require about EUR 200-300 mm in the next five years,” Medvedev said.

Russia’s Nord Stream and South Stream trunk gas pipelines intended to carry natural gas to European customers bypassing transit states, and also other non-trunk gas pipes “will help improve the gas transportation system in Europe and enhance energy security”.
“That is why we are investing heavily in new export gas pipelines and in the development of existing gas transportation capacities.”

Gazprom has said that in the period of peak loads during the cold snap in Europe, it was able to ensure stable gas supplies using the maximum withdrawal of 38 mm cmpd from its underground gas storage facilities in European countries.

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