Page 10 - GLNG Week 50 2022
P. 10
GLNG EUROPE GLNG
Ukraine to enter EU’s
underground gas
storage market
STORAGE UKRAINE will enter the underground gas than 10bn cubic metres of EU gas. The GTS
storage (UGS) market in the European Union, operator and the underground storage system
Ukraine Business News reported on December operator also said they will work together to
15. attract international gas traders.
Following the implementation of two deci- In October, Ukraine saw an increase in Euro-
sions and the adoption of the EU draft law pean gas. Ukrainian Energy Minister Herman
no.8158, Ukrtransgaz, Ukraine’s gas transporta- Halushchenko encouraged European nations to
tion system operator, will be certified to operate take advantage of the cheap gas prices at the time
in the EU and be officially recognised as com- and utilise Ukraine’s UGS facilities.
pliant with EU regulations. The National Energy “Gas prices are their lowest for several
Regulatory Commission also backed Ukrtrans- months. A great opportunity to use Europe’s
gaz’s certification. largest underground gas storage facilities with
As such, Ukraine will be able to use its vast 15bn cubic metres of spare capacity. Additional
UGS facilities, the largest in Europe, to store gas volumes will be needed this winter,” Halush-
commercial gas reserves belonging to European chenko wrote on social media.
companies as well as strategic reserves previ- Over the summer, it was announced that
ously collected at the state level. Ukraine will invest $500mn into developing gas
In addition to strengthening its own energy storage facilities. The Gas Storage Development
security, Ukraine says its facilities can benefit Plan for 2022-2031 was approved by Ukraine’s
Europe too. The war-torn country has enthusi- National Commission for State Regulation in the
astically offered its facilities to the EU since the Energy Sector. The project will allocate $277mn
start of the energy crisis and expressed willing- to construct underground gas storage (UGS)
ness to participate in creating and maintaining a facilities and $168mn will be used to develop
gas insurance reserve for the bloc. infrastructure facilities and reconstruct UGS
Ukraine’s gas transportation system (GTS) technological equipment.
noted Ukraine’s UGS facilities can store more
P10 www. NEWSBASE .com Week 50 15•December•2022
