Foreign Traders Account for 25% of Gas Stored in Ukraine
Foreign companies now account for almost a quarter of the gas in Ukraine's underground storage facilities, their operator Ukrtransgaz said on August 5.
Some 22bn m3 of gas was in storage at the start of the month, Ukrtransgaz said, which is 40% more than a year ago. Of this volume, 5.2bn m3 was held by non-Ukrainian companies, which is almost four times more than a year ago.
European gas storage utilisation is unusually high for this time of year, due to weak demand as a result of the Covid-19 crisis, milder weather earlier in the year and increased LNG imports.
Ukrtransgaz has in recent years introduced reforms to make its storage facilities more attractive to European traders, including reduced tariffs and a customs warehouse scheme, which allows foreign companies to store gas for up to 1,095 days without paying taxes and customs duties.