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Ukraine to enter EU’s underground

gas storage market

UKRAINE UKRAINE will enter the underground gas noted Ukraine’s UGS facilities can store more
storage (UGS) market in the European Union, than 10bn cubic metres of EU gas. The GTS
Ukrtransgaz will be Ukraine Business News reported on December operator and the underground storage system
certified to operate in 15. operator also said they will work together to
the EU. Following the implementation of two deci- attract international gas traders.
sions and the adoption of the EU draft law In October, Ukraine saw an increase in Euro-
no.8158, Ukrtransgaz, Ukraine’s gas transporta- pean gas. Ukrainian Energy Minister Herman
tion system operator, will be certified to operate Halushchenko encouraged European nations to
in the EU and be officially recognised as com- take advantage of the cheap gas prices at the time
pliant with EU regulations. The National Energy and utilise Ukraine’s UGS facilities.
Regulatory Commission also backed Ukrtrans- “Gas prices are their lowest for several
gaz’s certification. months. A great opportunity to use Europe’s
As such, Ukraine will be able to use its vast largest underground gas storage facilities with
UGS facilities, the largest in Europe, to store 15bn cubic metres of spare capacity. Additional
commercial gas reserves belonging to European gas volumes will be needed this winter,” Halush-
companies as well as strategic reserves previously chenko wrote on social media.
collected at the state level. Over the summer, it was announced that
In addition to strengthening its own Ukraine will invest $500mn into developing gas
energy security, Ukraine says its facilities storage facilities. The Gas Storage Development
can benefit Europe too. The war-torn coun- Plan for 2022-2031 was approved by Ukraine’s
try has enthusiastically offered its facilities to National Commission for State Regulation in the
the EU since the start of the energy crisis and Energy Sector. The project will allocate $277mn
expressed willingness to participate in creat- to construct underground gas storage (UGS)
ing and maintaining a gas insurance reserve facilities and $168mn will be used to develop
for the bloc. infrastructure facilities and reconstruct UGS
Ukraine’s gas transportation system (GTS) technological equipment. ™

P6 www. NEWSBASE .com Week 50 16•December•2022