Gas storage

Geogastock is a stock company founded in order to operate in the business of natural gas storage in deep geological unities.

At the Italian Ministry for Economic Development Geogastock is the holder of the procedure for the assignment of storage grants for the gas caps of Grottole/Ferrandina (Conc. Cugno Le Macine) and Pisticci (Conc. Serra Pizzuta) in the provinces of Matera, Basilicata, in the municipalities of Ferrandina, Salandra and Pisticci.

The two plants, which have the perfect features for gas storage, had already been used for storage activities from 1977 to 1985.

The Italian Ministry of the Environment is currently carrying out an inspection on the environmental compatibility of the project and the allocation of grants (for a period of 20 years, followed by two ten-year renewals) which is expected to be finished by the end of 2008.

The activity is expected to start in 2011 and the expected working gas at steady state is about 1.5 billion cubic meters

Geogastock is moreover an operator of a joint venture (between Geogastock 80%, Enova Srl 10% and 2B Energia Spa 10%) which is the holder, at the Italian Ministry for Economic Development, of an instance (in competition with five other competitors) for the attribution of the storage grant for the gas caps of Bagnolo Mella in the province of Brescia.