NAFTA acquires underground gas storage facilities in Bavaria

 
Bratislava, 1 January 2019 NAFTA a.s. (NAFTA) through its subsidiary NAFTA Bavaria GmbH has completed acquisition of underground gas storage facilities Inzenham - West, Wolfersberg and Breitbrunn/Eggstätt in the German state of Bavaria          from DEA Deutsche Erdoel AG and Storengy Deutschland GmbH.
 
At the beginning of March 2018 NAFTA signed a Share and Purchase Agreement with DEA Deutsche Erdoel AG for acquisition of Bavarian underground storage facilities Inzenham-West, Wolfersberg and Breitbrunn/Eggstätt. The transaction was completed on 31 December 2018 after receiving all necessary regulatory approvals. As part of the transaction NAFTA has also acquired ownership of 19.7% participation interest in Breitbrunn/Eggstätt from Storengy Deutschland GmbH and became 100% owner of Inzenham - West, Wolfersberg and Breitbrunn/Eggstätt underground storage facilities, with a storage capacity of 1.8 billion cubic meters.
 
NAFTA is constantly looking for international cooperation in underground gas storage and the exploration and production of hydrocarbons. "For a long time we have been giving attention to development projects that would let us effectively utilize our extensive skills and know-how obtained from our many years of experience. It is our great pleasure to have achieved such a significant milestone in international cooperation through precise activities. The acquisition of underground storage facilities in Bavaria is seen as an important strategic investment and a successful step toward expanding our underground gas storage activities into Germany’s market.” said NAFTA CEO Martin Bartošovič, adding that NAFTA is planning to further develop successful and well-established standards in both operations and employee development in Germany.
 
NAFTA is a modern company with extensive experience in natural gas storage and underground facility development and, at the same time, it is the Slovak leader in exploration and production of hydrocarbons. Storing of natural gas in underground storage facilities is the core business of NAFTA, representing roughly 70 % of all its activities. NAFTA has been developing this area for more than 45 years, working intensively to increase its storage capacity. The storage capacity of natural gas underground facilities operated by NAFTA stands at ca. 30 TWh. The storage facilities are one of the strategic tools, which increase the energy security of Slovakia.