About past, present and future of Ukraine

Main Business — Ukraine is emerging as Europe's "power bank": Prominent international energy corporations are utilizing Ukraine's gas storage facilities

Business

Ukraine is emerging as Europe's "power bank": Prominent international energy corporations are utilizing Ukraine's gas storage facilities

08 Aug, 2023
211
Ukraine is emerging as Europe's "power bank": Prominent international energy corporations are utilizing Ukraine's gas storage facilities

Share this article

Despite the military challenges, foreign companies are actively injecting gas into Ukrainian gas storage facilities due to commercial advantages.

According to the press service of NJSC "Naftogaz of Ukraine," foreign traders can store their blue fuel in Ukraine for up to 3 years without customs duties and re-export it to gas storage facilities in other countries without hindrance.

"Today, Ukraine has every chance to become a "power bank" for the whole of Europe. Given the 87% filling rate of EU gas storage facilities and attractive tariffs for storage in Ukrainian UGSs, foreign customers are actively storing gas in our underground facilities," said Naftogaz Group CEO Oleksiy Chernyshov.

Foreign traders can store their fuel in Ukraine without customs clearance for 3 years and freely re-export it to gas storage facilities in other countries

Ukrtransgaz, the operator of Ukrainian underground storage facilities and part of Naftogaz Group, currently offers customers more than 10 billion cubic meters of natural gas storage capacity.

In addition, services of Ukrainian underground facilities are subject to some of the most attractive tariffs in the EU energy market, which are guaranteed to remain unchanged until the end of the off-take season.

The Odessa Journal

The Odessa Journal

more articles

Top article

The Ministry of Defense has signed a contract for the construction of a service center for repairing drones in Ukraine
War

The Ministry of Defense has signed a contract ...

Dmytro Kuleba: Ukraine and Croatia have agreed to use Croatian ports for exporting Ukrainian grain
Business

Dmytro Kuleba: Ukraine and Croatia have agree ...

New sanctions: Defence industry, political parties and individuals linked to oligarchs
Business

New sanctions: Defence industry, political pa ...

Volodymyr Zelensky: We are preparing for the next Ramstein meeting, we expect solidly grounded decisions to meet the prospects on the battlefield
War

Volodymyr Zelensky: We are preparing for the ...