Europe - Storage VNG and Gazprom Export JV will develop German underground storage project

摘要

Gazprom Export signed an agreement with the east German gas company Verbundnetz Gas (VNG) to form a joint venture storage company, to create a new underground storage facility with a total working volume of over 0.5 Bcm/y. The two companies will develop 10 caverns, excavated for salt mining. The joint venture will have the first cavern in place in 2009, with the last becoming operational in 2022. Total investment will be around euro350 million.