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FSU to spearhead global working gas capacity additions through 2024

The Former Soviet Union (FSU) is expected to witness the highest global working gas capacity additions, contributing around 32% of the global gas storage capacity additions by 2024, says GlobalData, a leading data, and analytics company.

The company’s report, ‘Global Capacity and Capital Expenditure Outlook for Underground Gas Storage, 2020−2024 – Russia Leads Global Working Gas Capacity Additions’, reveals that the FSU is likely to witness a total working gas storage capacity additions of 899 billion cubic feet (bcf) by 2024. Of this, the capacity of planned projects that have received necessary approvals for development accounts for nearly 639 bcf.

Haseeb Ahmed, Oil and Gas Analyst at GlobalData, comments: “The FSU is expected to witness the start of operations of 11 new-build gas storage sites by 2024. Of these, nine are planned and the remaining two are announced sites. Uzbekistan’s Gazli II and Russia’s Stepnovskoe II are the largest upcoming gas storage sites in the region, with respective capacities of 247 bcf and 199 bcf by 2024.”

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GlobalData identifies Europe as the second-highest contributor to the global working gas storage capacity additions contributing around 28% or 792 bcf by 2024. The region is expected to witness the start of operations of 27 planned projects and 21 announced projects. Deborah in the UK is the largest upcoming gas storage site in the region with a capacity of 174 bcf by 2024. Golianovo in Slovakia and Galata in Bulgaria are joint second-largest upcoming gas storage sites, each with a capacity of 53 bcf.

Ahmed continues: “The Middle East ranks third across the globe contributing roughly 17.5% of the world’s working gas storage capacity additions between 2020 and 2024. The region has nine upcoming projects, of which six are planned projects and the remaining three are announced projects. Turkey’s Tuz Golu II is the largest upcoming gas storage site in the region, with a capacity of 148 bcf by 2024.”

About GlobalData

4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis, and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, technology, energy, financial and professional services sectors. PR10308.