On Friday 16 June, Ukraine’s gas network operator Ukrtransgaz announced that it was opening an underground gas storage customs warehouse based on 10 underground gas storage (UGS) facilities, enabling local and, indeed, international gas traders to store natural gas for 1,095 days without customs clearance (as opposed to the previous 31 days) at the most competitive prices in Europe (0.4 EUR/MW per storage cycle).
Ukrtransgaz operates the largest underground gas storage facilities in...