Gas-Trading's EGM stalled amid talk of liquidation

The Extraordinary General Shareholders' Meeting of Gas-Trading, the middle-man in supplies of Russian gas to Poland and holder of 4% of shares in Yamal pipeline operator EuRoPol Gaz, has been held up. During the meeting, the shareholders were to analyze the economic situation of the company and to decide whether to liquidate it. It was the Russian shareholders who asked for a 30-day break in the meeting, the longest recess possible. The biggest shareholder in Gas-Trading, Polish Oil and Gas (PGNiG), having a 43.41% stake in the company, has been considering liquidation since the beginning of August. Aleksander Gudzowaty, general director of Bartimpex, holding 36.17% in Gas-Trading, has proposed a proportional distribution of shares in EuRoPol Gaz among Gas-Trading's current shareholders. Then, PGNiG's participation in EuRoPol Gaz would increase from 48% by 1.74%, and Gazprom's from 48% by 0.64%. It seems that a stalling tactic is in operation by the Russian side and the management board of Gas-Trading. The settlement of gas trade with Russia by the end of the year is a condition for concluding a possible Norwegian gas contract, under which Poland would receive 74 billion cubic meters of gas between the years 2008-2024. (Puls Biznesu, p. 3, Parkiet, p. 1) M.T.