PARIS, Feb. 1 (UPI) -- The acquisition of five gas storage facilities in Germany placed French energy company GDF Suez near the top of Europe's energy sector, the company said.
GDF Suez announced it bought five underground natural gas storage facilities and a minority share in a sixth facility through a subsidiary in Germany.
"With this new acquisition GDF Suez is now among the top four leaders in the German storage market with a 10 percent market share," the company said in a statement. "GDF Suez also becomes No. 1 in Europe in terms of natural gas storage capacities sales."
The French energy company said it views Germany as "a preferred market" for international development of its storage activities because of growth forecasts and integration of European gas markets.
The working gas volume associated with the German facilities is about 53 billion cubic feet of natural gas. The company said 80 percent of the storage capacity is secured through 2020.
GDF Suez takes on gas storage facilities and current staff in Germany. All parties involved in the deal agreed to confidentiality in terms of the price of the deal, which is still subject to regulatory approval.
