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MOSCOW, March 20 (Itar-Tass) – Russia’s gas giant Gazprom and the Czech Republic’s MND Group will invest $128 million into the construction of a underground gas storage facility in Damborice, the Czech Republic’s South Moravian district.
Gazprom Deputy CEO Alexander Medvedev and Chairman of the Board of Directors of MND Group Karel Komarek signed in Prague an agreement on the facility’s construction.
According to Gazprom, the construction of an underground gas storage facility will start in 2014. It is expected to be commissioned in 2016.
The facility will have an effective capacity of 448 million cubic meters of gas and will become one of the largest facilities of this kind in the Czech Republic.
The companies will equally invest into the project.
“Investments into the construction of a gas storage facility are one more step towards raising quality of our cooperation,” Medvedev said. “To increase reliability of gas supplies to Europe is our long-term strategy and expansion of underground gas storage capacities is its important element.”
“Gazprom is our strategic partner. We highly appreciate an opportunity to set up a joint venture with one of the world’s largest energy companies. It is a kind of reward for many years of our professional work in the oil and gas sector. In the future we plan new joint projects not only on the territory of the Czech Republic, but also in Europe and the Russian Federation,” Komarek said.
MND Group, a member of KKCG Group, is the biggest oil and gas producing company in the Czech Republic, which specializes in exploration and operation of oil and gas fields and in construction of underground gas facilities.
Aside from the Czech Republic MND Group has its offices in many countries of Europe, the Middle East, North Africa and the CIS.