OMNI Features｜Turkey Plans to Become EU's 3rd-Largest in Natural Gas Storage Capacity / U.S. Natural Gas Production Hits 11-Month Low Due to Oil Wells Freezing / CPC: Aiming for Profitability in 2024

Turkey Plans to Become Europe's Third-Largest in Natural Gas Storage Capacity
According to Turkey's Daily Sabah, Turkey is planning to expand its natural gas storage infrastructure and elevate its storage capacity to become the third-largest in Europe in the coming years.
Europe's natural gas storage capacity is approximately 1 trillion cubic meters, with Germany at the top with 240 billion, followed by Italy at 160 billion. Drawing from its rich natural gas experience, Turkey aims to surpass multiple nations by reaching a storage capacity of 14.4 billion cubic meters by 2028, making it the third-largest storage nation in Europe.

Natural Gas Production Hits 11-Month Low Record Due to Oil Wells Freezing in U.S.
Extreme cold weather causing wells to freeze nationwide led to a drop in U.S. natural gas production to an 11-month low on the 14th, while demand for natural gas for heating and power generation is expected to reach historic highs.
Additionally, the Electric Reliability Council of Texas (ERCOT) predicts that power demand on the 16th will hit a historic peak, similar to last summer, and warns of a potential shortage in local power supply on the 15th and 16th.

CPC: Narrowed Losses to 18 Billion Last Year, Aiming for Profitability in 2024
CPC Corporation Taiwan (CPC), fulfilling its policy mission amidst rising oil and gas prices, saw its year-end loss narrowed to NT$18 billion in 2023, a significant improvement compared to 2022.
With recent declines in natural gas prices, Chairperson Shun-Chin Lee stated on the 15th that CPC is projecting revenues of NT$1.2 trillion and profits of NT$33 billion for 2023, with a chance to turn losses into gains.

Reference: International Trade Administration, MOEA (TITA)｜Daily Sabah｜Commercial Times｜CNA