The Gazprom headquarters hosted today a working meeting between Alexey Miller, Chairman of the Company's Management Committee and Dr. Karsten Heuchert, Chairman of the Verbundnetz Gas Executive Board.

The negotiating parties discussed the cooperation deepening in gas supplies and underground gas storage (UGS). It was stressed that UGS facilities expansion in Europe was an additional guarantee of sustainable gas supplies to European consumers.

Alexey Miller and Karsten Heuchert appreciated the ongoing construction of the Katharina UGS facility and expressed the unanimous opinion that the project would ensure reliability of gas supplies to Western Europe.

Background

Established in 1969 and headquartered in Leipzig, Verbundnetz Gas (VNG AG) is a supplier of gas to Germany's eastern federal lands and Berlin. VNG is focused on gas import, supplies to consumers and underground gas storage.

At present, the company's shareholding structure is as follows: EWE – 47.9 per cent, Wintershall Holding – 15.79 per cent plus one share, VNG Verwaltungs und Beteiligungsgesellschaft – 25.79 per cent less one share, EEG – 5.26 per cent, Gazprom – 5.26 per cent.

On September 16, 2011 construction of the Katharina UGS facility was launched near the German city of Bernburg (Saxonia-Anhalt). Erdgasspeicher Peissen, a joint venture of Gazprom export and Verbundnetz Gas, is responsible for the project. Once the facility reaches its nominal capacity, the working gas volume will amount to 629 million cubic meters.

The Katharina UGS facility will secure reliable supplies to Western Europe at Malnow, Waidhaus, Gaspool and NCG hubs as well as deliveries via the Nord Stream gas pipeline.

another guarantee of sustainable gas supplies to Europe