Eurobond issue delayed as PGNiG waits for financial market stability

The planned euro 450 million eurobond issue by Polish Oil and Gas (PGNiG) has been delayed, and is unlikely to take place before the end of the year. "We're preparing the issue right now and we don't know when it will be carried out. First the financial markets must achieve some stability," said PGNiG president Andrzej Lipko. PGNiG had originally planned that the eurobond issue would take place at the beginning of the fourth quarter of 2001, and sources close to the bank arranging the issue, ABN Amro Bank, have said that it was supposed to take place before the general elections. On September 13, PGNiG shareholders decided to increase the capital of its four energy distribution spin-offs, which are due to begin operations on November 1. (Puls Biznesu, p. 9) A.Z.