OREANDA-NEWS. Today, Deputy Chairman of the Management Committee of Gazprom Alexander Medvedev and Karel Komarek, Chairman of the Board of the MND Group, have signed in Prague the agreement on construction of the new underground gas storage facility (UGS) in South Moravian Damborice.

The construction of the storage facilities will be launched in 2014, the UGS will be put into operation in 2016. The UGS will have an active storage volume of 448 mil. m3 of natural gas and will be one of the largest gas storage facilities in the Czech Republic. Investments in the construction will be shared equally by the companies and will total to about 128 mln dollars.

Alexander Medvedev says: “Investments into the construction of the gas storage facilities are another step in our developing cooperation. Enhancing the security of natural gas supplies to Europe is our long-term strategy, and increasing the capacity of underground gas storage is an essential element.”

Karel Komбrek adds: “Gazprom is a strategic partner for us. We truly value the opportunity to establish a joint venture with one of the largest companies in the world. It is like an award to us for our long-term and professional work in the field of oil and natural gas. In the future we plan further joint projects not only in the Czech Republic but also in Europe and the Russian Federation.”