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Georgia announces construction of €150 mln underground gas storage facility

Georgia is taking a giant step forward in the energy sector by building its 1st underground natural gas storage facility.


Tbilisi, August 20 - Neftegaz.RU. Georgia is taking a giant step forward in the energy sector by building its 1st underground natural gas storage facility to safeguard the country's energy independence.

 

In order to ensure uninterrupted gas supply to household consumers and the energy sector, Georgia will construct an underground gas storage facility on the Samgori South Dome oil field.

 

Prime Minister of Georgia Mamuka Bakhtadze announced that the German Bank for Reconstruction and Development and the Georgian Oil & Gas Corporation will sign a €150 million loan agreement.

 

«By constructing the gas storage unit, Georgia will obtain a strategically important facility which will significantly increase the energy security of the country by reducing seasonal differences between natural gas supply and demand on the Georgian gas market, supplying additional gas to the pipeline network during peak consumption [periods]», said Bakhtadze.

 

The underground gas storage facility is expected to play a key role in gas supply both under normal operational circumstances as well as in case of emergencies.

 

Source : Neftegaz.RU