Naftogaz wants to create a duty-free oil storage system in Ukraine

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With the world awash in cheap oil, Naftogaz wants to create a duty-free oil storage system in Ukraine, Andriy Kobolyev, CEO of the state energy company, ubn.news reports.

Three years ago, Naftogaz launched a duty-free gas storage system, opening up 10 underground reservoirs in western Ukraine. Increasingly popular with European gas traders, this ‘customs warehouse’ allows companies to store gas paying a rental fee, but no import duties or taxes.

With international oil companies desperately seeking storage, Kobolyev believes Naftogaz could earn $1 to 3 million a month by renting out unused storage tanks, largely near idle refineries.

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