STORAG ETZEL ON STANDBY AS UKRAINIAN CRISIS EVOLVES

The leading and only independent cavern operator in northwest Europe, Storag Etzel, explains why caverns have such an important role to play in times of crisis Storag Etzel, one of Europe’s largest crude oil storage companies, is preparing to release strategic oil reserves for the first time in 15 years. The cavern storage operator, centrally located in north Germany’s energy hub, is currently storing 11 million m3 of crude oil in 24 caverns and its capacity is regularly used for long term stockpiling. ‘We are in standby mode, and every day are awaiting instructions to release stockpiles to help balance supply and stabilise oil prices,’ explains Karsten Peter, business development manager at Storag Etzel, who has been with the company for almost 15 years. ‘We have practiced for this eventuality every year, but this is the first time we are in crisis mode.’ Russia’s invasion of Ukraine has sent energy prices soaring, with oil hitting US$113 a barrel at the time of writing, the highest level since June 2014. The sheer volume of Storag Etzel’s caverns makes the site ideal for storing strategic reserves as well as other long term storage contracts. Nearby...