Gazprom and Vitol discuss cooperation deepening in UGS capacity use in Europe
The Gazprom headquarters hosted today a working meeting between Alexey Miller, Chairman of the Company's Management Committee and Ian Taylor, President of Vitol Group.
The meeting addressed the prospects for cooperation in the energy sector. Special attention was given to the possibility of joint projects in gas-fired power generation in the European Union.
Apart from that, the parties discussed the cooperation deepening in the use of Vitol-owned underground storage (UGS) capacities in Europe.
In order to enhance reliability of gas supplies under export contracts, Gazprom uses UGS facilities in Europe. Haidach UGS, Austria
The Swiss-Dutch company Vitol is the world's second oil trader. The company's scope of activities also includes natural gas trading, hydrocarbons transmission and storage, power generation.
Since July 2005 an Agreement with Vitol has been in force providing for the access of Gazprom Group to UGS facilities in Great Britain in the volume of up to 227 billion cubic meters a year through to 2016.
In 2012 an Agreement on gas storage was concluded with Vitol, according to which Vitol provides Gazprom Group with gas storage services in Europe.