KfW will finance the construction of underground gas storage with 150 mln euro

KfW will finance the construction of underground gas storage with 150 mln euro

Within the framework of the visit to Georgia of Angela Merkel, Chancellor of Germany, the Agreement on Underground Facility Construction at Samgori Southern Arch Gassy Mine will be signed between the Georgian Oil and Gas Corporation and KfW Development Bank of Germany.

The Agreement envisages the allocation of 150 mln EUR for the implementation of the underground gas storage project.

JSC Georgian Oil and Gas Corporation will start gas storage construction works in 2019 and the facility is due to become operational in 2022. Construction of the underground gas storage will take place close to Tbilisi, on emptied, processed, treated oil mine in Samgori Southern Arch. By preliminary assessment, the value of the project will exceed 250 mln USD and the gas storage will hold up to 300 mln cubic meters of gas.

It is already known that the European Investment Bank will allocate 100 mln USD for projects financing.

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