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Gazprom, VNG put €350M in German storage


Published May 1, 2008
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Gazprom and E.ON Ruhrgas ink agreement on SCI-Tech cooperation-Spotlight

Russian gas producer Gazprom and partner Verbundnetz Gas, or VNG, will invest €350 million in a gas-storage site by the German state of Saxony-Anhalt.

The Halle-Saale facility could open in 2009 before eventually comprising ten underground caverns by 2022.

The new storage will hold 500 million cubic metres, or enough to supply 140,000 homes for two years.

VNG is a large operators of natural gas storage sites in Germany. It’s shareholders are the city of Halle and other counties.

About 75 percent of €2 billion invested so far in Germany has been awarded as contracts to small and medium sized firms in the region.

“Our partnership of almost 35 years with Gazprom is now being strengthened by jointly investing into secure natural gas supplies," a VNG statement said.

Tags: Gazprom




   

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