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Emfesz may build €100 mln gas storage

Emfesz Kft, a Hungarian natural gas trader, is considering spending as much as Euro 100 million to build a gas-storage facility in Poland by 2008 to satisfy local regulations, a company executive said. The planned facility may store 200 million to 300 million cubic meters of the fuel and start operation in 2008, Emfesz Managing Director István Góczi said in a telephone interview today. Budapest-based Emfesz was set up in 2003 to sell natural gas in eastern Europe. The storage facility would satisfy Polish regulations, which require gas traders to store 3% of their annual supplies in Poland. "We may sell up to 500 million cubic meters of gas in Poland this year," Góczi said. (Bloomberg)