RAG Austria AG

RAG Austria AG
Company typePublic
IndustryEnergy storage
FoundedOctober 15, 1935; 89 years ago (1935-10-15)
Headquarters
Vienna
,
Austria
Key people
  • Markus Mitteregger, CEO
  • Michael Längle, CFO
Revenue€509.4 million (2018)
Number of employees
196 (2020)[1]
Subsidiaries
  • RAG Energy Storage GmbH (100 %)
  • RAG Exploration & Production GmbH (100 %)
  • Silenos Energy GmbH (50 %) – Geothermal energy
Websitewww.rag-austria.at

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.[2]

Shareholders are Energieversorgung Niederösterreich (EVN) (50,025 %), Uniper (29,975 %), Energie Steiermark Kunden GmbH (10%) and Salzburg AG (10%).[3]

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.

After the State Treaty of 1955, the ÖMV, which had emerged from the Soviet Mineral Oil Administration (Sowjetische Mineralölverwaltung), began to dominate Eastern Austria. Therefore RAG gradually shifted the focus of its production to Upper Austria.

  1. ^ RAG Homepage Karriere. rag-austria.at. Retrieved June 13, 2020.
  2. ^ WKO Branchenreport Mineralölindustrie 2018. wko.at. Retrieved June 13, 2020.
  3. ^ Daten und Fakten 2018. rag-austria.at. Retrieved June 13, 2020.