Foreign traders pumping gas into Ukrainian storage facilities as usual – Naftogaz

Ukrainian underground storage facilities are operating as usual with regard to the injection and withdrawal of natural gas, including by foreign traders.

The relevant statement was made by Naftogaz Group Board Chairman & CEO Oleksiy Chernyshov in a commentary to Financial Times, an Ukrinform correspondent reports.

“No issues, we are operating as usual,” Chernyshov said, commenting on the injection and withdrawal of natural gas.

Referring to the data from the consulting firm, Argus, the publication noted that European companies sent 15.4 million cubic meters and 51.9 million cubic meters to Ukrainian underground storage facilities in June and July 2024 respectively. By comparison, these indicators were 102.7 million cubic meters and 586.6 million cubic meters in those months last year.

“This year the injection rate has somewhat reduced due to Russian attacks on gas infrastructure. But, spread is remaining the main commercial factor. Today’s gas prices are not profitable enough for traders to build reserves,” Naftogaz commented.

The company also mentioned that in 2023 the maximum injection rate was recorded during August-September, and the season lasted through October.

European underground storage facilities will soon become full, as they were filled at 86% in the first third of August 2024. Meanwhile, Naftogaz will offer plenty of free space in underground storage facilities to inject natural gas during September-October.

The company is also consistently working to additionally protect its infrastructure.

A reminder that, as of July 22, 2024, Ukraine’s underground storage facilities contained more than 10 billion cubic meters of natural gas. Over 13 billion cubic meters of natural gas is expected to be accumulated before the heating season starts.