Petrofac buys gas storage stake

Petrofac yesterday snapped up a 20 per cent stake in the Gateway storage scheme in the Irish Sea for £33m. The deal, which will see Petrofac become joint developer, brings the development of a huge £1bn undersea container to tackle the UK’s shortage of gas storage, one step closer. Storage capacity in the UK?stands at just five per cent of annual demand, compared to an average of 20 per cent in other countries, leading to concerns about shortages and energy security. Investors will make the final decision on whether to press ahead with the £1bn construction project early next year.