European traders managed to earn about USD 320 million thanks to the storage of gas in underground gas storage facilities (UGS) of Ukraine.
This is stated in the article of The Economist, Ukrainian News Agency reports.
"UGSes in Europe were overcrowded this winter, and storing gas in tankers at sea would be expensive. The decision of European traders was unconventional: they directed 3 billion cubic meters of gas to the east - to Ukraine... This helped preserve the EU's reserves during this winter, driving down gas prices across the continent. It also provided significant profits for the companies involved. Akos Losz of Columbia University estimated that traders made up to EUR 300 million (USD 320 million) from it," the article noted.
The publication emphasizes that this case looks like a test for the future energy strategy of Europe.
"Naftogaz has offered up to half of its storage volumes to European energy companies. So, traders are ready to repeat last year's experience already this spring, but on a larger scale and starting from an earlier date," the publication says.
As Ukrainian News Agency earlier reported, Ukraine offers European companies to store up to 10 billion cubic meters of gas in UGS.
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