In the face of persistent geopolitical challenges and infrastructure attacks by Russia, Ukraine’s major energy company, Naftogaz, is charting an ambitious course to at least double its natural gas storage for international traders by the upcoming winter, Bloomberg reports.
Oleksiy Chernyshov, the Chief Executive Officer of Naftogaz, revealed the company’s determination to bolster its storage capabilities and increase domestic production, solidifying Ukraine’s pivotal role in European gas trade.
Despite the ongoing tensions and infrastructure vulnerabilities, Ukraine remains a crucial link in the gas trade with Europe, boasting the largest storage capacity west of Russia on the continent. Naftogaz’s strategic decision to enhance gas storage aligns with the nation’s resilience in the face of external pressures.
Chernyshov emphasized Naftogaz’s commitment to fortify its position in the energy landscape, focusing on both increased storage capacity and heightened domestic production. This move not only addresses Ukraine’s energy security concerns but also positions the country as a reliable partner for European traders amidst a dynamic geopolitical backdrop.
During an interview with Bloomberg at the World Economic Forum, Naftogaz Chief Executive Officer Oleksiy Chernyshov revealed the company’s strategic plans, stating, “We have motivated major players to come back and to store 2.5 billion cubic meters, which is quite a serious figure, and we would work on doubling it for the next winter.”
Chernyshov emphasized that discussions around this initiative are among the main topics with major companies at Davos, including ongoing talks with Germany’s RWE AG and Norway’s Equinor ASA regarding potential deals.
