Russian gas export monopoly Gazprom and Germany's Verbundnetz Gas AG (VNG) said they will build and operate an underground gas storage facility in Germany with a capacity of 510 million cubic metres.
"Over the coming 14 years Gazprom Export and VNG plan to jointly invest close to 350 million euros ($545.2 million)," VNG Chairman of the Executive Board Klaus-Ewald Holst said in a joint statement.
The facility will have 10 caverns, to be built between 2009 and 2022, and will extend from VNG's existing 1 billion cubic metre storage facility in the state of Saxony-Anhalt near the town of Bernburg.
Source: Reuters
