Update on the transfer of shareholder rights in Moravia Gas Storage facility

KKCG Group is pleased to provide an update on negotiations with the Czech government in relation to the transfer of shareholder rights in Moravia Gas Storage (MGS) to the Czech state. MGS, one of the Czech Republic’s most modern underground gas storage facilities, is a 50-50 joint venture established in 2013 between KKCG Group company, MND, and Gazprom export LLC.

As a result of the war in Ukraine, KKCG Group and representatives of the Czech state have been discussing possible options to maintain Czech control over the storage facility, which is a critical part of the country’s strategic energy infrastructure, with the ultimate aim of supporting the Czech state in its efforts to become independent from Russian energy.

KKCG Group has submitted an offer to the Czech Ministry of Finance to transfer its shareholder rights in Moravia Gas Storage and the Czech government is currently assessing the proposal.

Negotiations are currently being finalized with ČEZ, the largest public utility in Central and Eastern Europe (around 70% of its shares are owned by the Czech government) which is interested in storing gas in the Dambořice Underground storage facility.

See more: https://www.mnd-energystorage....

About Moravia Gas Storage
The joint venture between Czech company MND, a.s. and Russian company Gazprom export LLC was established in 2013, coinciding with the construction of the Dambořice underground gas storage facility. Thanks to its advanced technology, it is one of the most state-of-the-art facilities of its type in Europe. The capacity of the storage facility is 448 million m³, with a consumption capacity of 7.5 million m³ and a supply capacity of 4.5 million m³. Since operations began, Moravia Gas Storage has invested more than CZK 2.5 billion into its construction.

About MND, a.s.
MND is part of the KKCG Group, which was founded by the Czech entrepreneur Karel Komárek. The company focuses on various areas within the energy sector – from oil and gas extraction to energy production from renewable resources, such as geothermal drills or wind power, with a particular emphasis on environmentally friendly technology. MND, also supplies Czech households with gas and electricity. In addition to the Czech Republic, the company also operates in Ukraine, Germany, and Italy.