Tuesday, September 22, 2020
Home Oil & Gas NAFTA reports record profits after entering German market

NAFTA reports record profits after entering German market

Slovak natural gas storage developer NAFTA has reported after-tax profits of 70.1 million euros for 2019. A major gas storage milestone last year was especially the company’s entry into Germany’s market through the acquisition of three underground storage facilities in Bavaria.

“In the past year, we continued to pursue a strategy of growth in key fields and effectively using our many years of know-how in both local and international markets, while successfully establishing ourselves in Germany and utilising our extensive experience in Ukraine,” said NAFTA General Director Martin Bartošovič.

A noteworthy development in natural gas storage the previous year was filling the underground storage facilities to 100 per cent of their capacity during the summer. This was due to customer concerns related to Russia and Ukraine not extending the contract between them at the end of 2019, which led to storing additional gas. It also confirmed the strategic role these storage facilities play in ensuring a smooth supply while enabling NAFTA to develop new natural gas trading products.

In exploration and production of hydrocarbons, NAFTA continued with its successful international cooperation in projects both local and international projects. In particular, explorations continued in Ukraine, where it has been active since 2016. Furthermore, the company continues its long-term effort to seek public support for innovative energy storage and energy consumption optimisation projects. Underground gas storage facilities are creating great potential for energy storage from renewable resources, which has had a positive impact on the entire energy market.

Photo: NAFTA’s website.

Most Popular

The untapped renewable energy potential of the Black Sea region

Achieving energy security is at the top of the authorities’ agenda for many countries in the region. Indeed, the Black Sea untapped energy potential could actually serve as a bridge between today’s use of resources and a future based on renewables.

Amber Grid launches preparatory work for connecting GIPL to the transmission system

After completing the directional drilling and laying the gas pipes for the GIPL under the country’s widest rivers on schedule, Amber Grid has begun preparations for connecting the pipeline to the gas transmission system.

Ukraine’s energy efficiency hindered by a state budget which contradicts the Green Deal

Ukraine is very gradually but surely becoming energy efficient and independent of external energy supplies. However, the draft state budget for 2021 supports the coal industry contradicting the statements of the Green Deal.

We must prepare for the new world – interview with MET Group CEO Benjamin Lakatos

Benjamin Lakatos, CEO of MET Group, speaks about the importance of energy diversification and the role that both natural gas and renewables will play in the company’s future.