Consortium forms company to build Terminal LNG

Poland has taken another significant step in the diversification of its gas sources, with the establishment by Konsorcjum Zachodniopomorski Terminal LNG of a company that will be responsible for the construction of a $250 million gas terminal in Northwest Poland. With its completion in 2004, Terminal LNG will supply five billion cubic meters of natural gas annually, and will also have a storage capacity of 96 million cubic meters. The five major investors in Terminal LNG are Stocznia Szczecinska Porta Holding, Zegluga Polska and Polimex Cekop, each with an 18% stake, Zarzad Morskiego Portu Szczecin-Swinoujscie with 4.65%, and Szczecinska Stocznia Remontowa Gryfia with 4.35%. Analysts have expressed surprise, however, over the absence from the new company of any representation by the two largest gas users in the region, the Police chemical concern and Dolna Odra electricity plant. However, the two companies are still expected to buy into Terminal LNG before the year's end, with Police predicted to acquire a 22% stake and Dolna Odra, 15%. (Puls Biznesu, p. 4) A.K.