Bloomberg: Europe Poised for Gas Storage Boost Amid Diversification Push

Europe is set to boost natural gas storage capacity in the coming years as markets liberalize and nations seek to reduce reliance on Russian fuel, according to the International Center for Natural Gas Information.

There are currently 44 billion cubic meters (1.6 trillion cubic feet) of storage sites being built or expanded globally, 50 percent of which are in Europe, Cedigaz, as the Paris-based center is known, said in an e-mailed statement. The region plans another 55 billion cubic meters, or 59 percent of proposed global capacity.

Trading of European gas is increasing as markets liberalize, boosting competition. The European Union is looking to diversify its supplies as a conflict between Russia and Ukraine threatens to disrupt supplies to the region as in similar disputes in 2006 and 2009. Russian fuel meets about 30 percent of the region’s needs, half of which travels through pipes across Ukraine.
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