RWE weighs sale of Czech gas storage business - report

German energy major RWE AG (ETR:RWE) is considering selling its gas storage business in the Czech Republic as it is no longer part of its core operations, business daily Handelsblatt said on Wednesday, citing sources familiar with the matter.

Investment bank Barclays has been hired to manage the sale which is expected to be launched in the first half of 2022 and value the business at about EUR 500 million (USD 563.1m).

Companies like CEZ, Austria's OMV and Germany's Wintershall are expected to be interested in the business.

RWE Gas Storage CZ operates six storage facilities with a combined volume of 2.7 billion cubic metres (713.2 billion gallons). The business was part of RWE's former subsidiary Innogy that was sold to German rival E.on SE but RWE was forced to keep the gas storage operations in the Czech Republic in order to get EU approval for the asset swap deal with E.on.

(EUR 1 = USD 1.126)

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