UGS has emerged from an oil and gas exploration company. In this context our company can look back on exhibit a successful 50 years of company history in the oil and gas industry.
Foundation of the state-run company VEB Erdöl- und Ergaserkundung Mittenwalde. Its main activities were in oil and gas exploitation and production.
Conversion to the state-run VEB Erdöl-Erdgas Mittenwalde.
Conversion of the state-run VEB Erdöl-Erdgas Mittenwalde to the VEB Untergrundspeicher Mittenwalde company . Its new activities included the underground storage of gas, oil and petrochemical products. Continuation of oil and gas production.
VEB UGS Mittenwalde became the leading company within the state-run industrial group Kombinat Gasanlagen. Construction of gas pipelines and infrastructure facilities in Ukraine and Russia (Ural region).
Disincorporation of the private company Untergrundspeicher- und Geotechnologie-Systeme GmbH (UGS) from the state-run VEB UGS. Business focus on core activities in underground storage.
The French company Géostock S.A. purchased 60% of the UGS shares.