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Gaz de France to open new storage facility in the U.K.

Gaz de France to open new storage facility in the U.K.

State-owned gas company Gaz de France said Tuesday it signed an agreement with British-based chemical company Ineos Enterprises Ltd. to develop a proposed salt cavern storage facility at Stublach in northwest England.
The total investment by GDF will be about 350 million pounds (US$705.4 million; euro516.4 million).
Total capacity could reach 400 million cubic meters of natural gas. Gaz de France will operate the facility under a 30-year lease that runs until 2037.
"This new facility, which will be one of the main U.K. storages, will enhance the security of supply to the U.K. market," Gaz de France said in a statement.
Ineos, formed by a management buyout of the former BP petrochemicals asset in Antwerp, has since grown through acquisitions including Innovene, BP's petrochemical subsidiary, and the U.S. and Canadian polystyrene business of BASF AG.


Updated : 2021-09-20 07:45 GMT+08:00