Ukraine's UGS facilities have large potential for commercially successful work – Naftogaz top manager
Underground gas storage (UGS) facilities of Ukraine have large potential for commercially successful operation, Head of Naftogaz integrated gas business unit Andriy Favorov has said.
"Definitely, there are all prerequisites for making this business successful," he said in an exclusive interview with Interfax-Ukraine.
According to him, this service is in demand in the market. Independent European traders are already storing quite large volumes of gas in the Ukrainian UGS facilities that they pumped this summer.
"Ukraine has the largest gas storage facilities. Why are they important? Gas production in the world is even throughout the year, give or take the same volumes, including the United States and the Middle East. And consumption is seasonal. That is, in the first and fourth quarters are peaks of consumption, and in the summer consumption is low. Global summer gas production needs to be stored somewhere, and Ukraine has great potential for the commercialization of its storage facilities," Favorov said.
The Naftogaz top manager added that the company's board at the next meeting of the supervisory board will present a strategy for developing this business.