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KEG plans massive LPG storage capacity expansion

KEG Central European Gas Terminal plans to expand its liquefied petroleum gas capacity from a little less than 5,000 cubic meters to 130,000 cubic meters by 2014, CEO József Steier said, a day before the company's shares will be floated on the Budapest Stock Exchange.

KEG is preparing for a foreign share issue in one to one and a half years to raise capital for the capacity expansion, Péter Tóth, chairman-CEO of Phylaxia 1912 Holding, KEG's majority owner, said when asked by MTI.

KEG targets revenue of HUF 2.5 billion in 2009, up from HUF 1.3 billion in 2008. The company sees operating profit rising over HUF 300 million, more than double the HUF 142 million amount in 2008. (MTI – Econews)