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Agreement on establishment of a joint venture of Srbijagas and Gazprom for Banatski Dvor underground gas storage

Date: February 8^th 2010 Author: Dragan Obradović, Belgrade Category: Articles
Topic: Natural gas

Srbijagas and Russian Gazprom signed on Friday, February 5, an agreement on establishing a joint company for the underground gas storage Banatski Dvor.

The agreement was signed by Director General of Srbijagas, Dusan Bajatovic, and Executive Director of Gazprom Germania, Andrej Birjulin.

PHOTO: Energetika.NET archive

The agreement on the formation of a joint company for the Banatski Dvor gas storage facility was signed by Bajatovic and Gazprom Deputy Chairman Alexei Miller on October 20 last year, in the presence of Serbian and Russian Presidents, Boris Tadic and Dmitry Medvedev.

Bajatovic said that Srbijagas would hold a 49 per-cent stake in the Banatski Dvor Joint Venture, while Gazprom would own 51 per cent of the company.

Director of the joint venture is going to be Vladimir Kuznjecov. Moreover, it was established at signing of the agreement that based on the investments made so far, Gazprom should pay additional 3.5 million Euros to Srbijagas.

Upon preliminary agreement, the joint venture of Srbijagas and Gazprom is to provide funds for completion of the second phase of building the Banatski Dvor gas storage, which would increase its storage capacities from the current 400 million to between 800 million and 1.2 billion cubic metres of gas.

Furthermore, the first session of the Management Board of the newly established company was held on Friday at Banatski Dvor.

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