PGNiG gas monopoly has projects worth PLN 17 billion

APA - Austria Presse Agentur
29-08-2005, 14:31

Warsaw (Puls Biznesu) – PGNiG, Poland’s state-owned gas monopoly, whose management will be changed after parliamentary elections in fall, has PLN 17 billion (EUR 4.2 billion) worth projects. They are outlined to diversify gas imports to Poland. “Without money, you cannot realise such projects. Therefore, we are going to be listed.

Warsaw (Puls Biznesu) – PGNiG, Poland’s state-owned gas monopoly, whose management will be changed after parliamentary elections in fall, has PLN 17 billion (EUR 4.2 billion) worth projects. They are outlined to diversify gas imports to Poland. “Without money, you cannot realise such projects. Therefore, we are going to be listed. But this is not enough”, Marek Kossowski, PGNiG’s CEO said. He stressed that good financial condition lets his company get funds for projects worth billions euros.

Till 2008, PGNiG wants to invest PLN 8.5 billion. International projects will need similar sum till 2010. The company would like to invest in two gas pipes Nabucco and Sarmatian, which would transport fuel from the Caspian Sea and Iran. “Nabucco is to overcome Russia and Norway’s monopoly for deliveries to Europe. We want to take part in this project not only as gas buyer but also as investor”, Marek Kossowski said. Talks have been going on since 2004 when Botas of Turkey, Bulgargaz of Bulgaria, Transgaz of the Czech Republic, Hungarian MOL and Austrian MOV said they were looking for partners in this project. PGNiG would like to buy 2-3 billion cubic metres of gas from Nabucco. The Polish gas monopoly wants to spend EUR 500m for this project.

The Sarmatian pipeline is the project initiated by Ukraine and Gaz de France. “If the project is realised by NAK Naftogaz Ukraine, which is state-owned-gas monopoly, our spending would amount to USD 0.5-1 billion (EUR 0.4-0.8 billion). The pipeline may be ready in 2010”, Marek Kossowski said. Poland could get 3-4 billion cubic metres of gas via this pipeline. PGNiG’s CEO believed that the quickest way to increase gas imports from Ukraine is to develop Hrubieszof gas line. “Spending several dozen million zlotys we may increase its capacities to 1 billion cubic metres a year”, Marek Kossowski said. PGNiG needs also USD 30-35m to increase exploration by Dewon, its Ukrainian subsidiary.

(PLN 1 = EUR 0.246)

(USD 1 = EUR 0.812)Poland/Enterprises/Gas and Oil

 

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