RAG Austria AG

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RAG Austria AG (RAG) is the largest gas storage operator and thus energy storage company in Austria. The company focuses its business activities on the storage of natural gas and other gaseous energy and the development of green-gas technologies (e.g. research projects such as Underground Sun Storage and Underground Sun Conversion). With a total storage capacity of more than six billion cubic meters of natural gas, RAG contributes to the security of supply of Austria and Central Europe. RAG operates the Haidach gas storage facility (Salzburg/Upper Austria) in joint ventures with Gazprom Export and Wingas as well as the 7Fields gas storage facility (Salzburg/Upper Austria) together with Uniper (former E.ON Gas Storage). In addition RAG operates its own storage facilities at Puchkirchen/Haag, Haidach 5, Aigelsbrunn, 7Fields(RAG). The production and use of gas as fuel (LNG, CNG) are also business areas of RAG. Shareholders are Energieversorgung Niederösterreich (EVN) (50,025 %), Uniper (29,975 %), Energie Steiermark Kunden GmbH (10%) and Salzburg AG (10%). The company was founded in 1935 as Rohöl-Gewinnungs AG by Socony-Vacuum Oil, Inc. (today Exxon Mobil Corporation) and N.V. de Bataafsche Petroleum Maatschappij (today Royal Dutch Shell). In 1937 the first major oil discovery was made with the RAG II well about two kilometres north of Zistersdorf. In 1936 and 1937, the company secured the largest part of the Vienna Basin with 7000 freehold exploration rights.