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Gazprom's German unit plans to build natural gas storage site

The storage area would be used to supply central and western Europe with Russian gas.

ZGG GmbH, the European unit of the world's largest natural-gas producer, OAO Gazprom, bought an abandoned mine in northeastern Germany and plans to use it to build one of Europe's largest natural gas storage facilities. The storage area would be used to supply central and western Europe with Russian gas, the company's ZMB unit said yesterday in a statement on its Web site. The mine, known as Hinrichshagen Structure, would hold „several” billion cubic meters of gas, the company said. The company will examine the mine for the next two to three years to make sure it is suitable for the project, ZGG said. Parts of the mine have already been explored, the company said. (Bloomberg)