EnergyMin: Investments in coal mine PGG in two instalments

"Investors in coal group PGG, the upcoming new incarnation of the defunct KW, will concede to contributing funds provided the payments can be made in two instalments," Energy Minister Krzysztof Tchórzewski announced. According to the Minister, the first instalment must be made at the beginning, while the second by the end of Q1 2017. "Poland's program for PGG does not assume any layoffs," Krzysztof Tchórzewski added. The official predicts Poland's coal production and sales should reach an equilibrium as of 2018 and a reduction in coal imports from Russia. Earlier, Deputy Energy Minister stated that PGG needs PLN 2.2 billion in new capital, which could be provided by both utilities and financial companies.