German company very interested in PGNiG privatization

East German gas company, VNG announced interest in participating in the privatization of Polish Oil and Gas (PGNiG) and its gas distribution subsidiaries. "Poland is one of our most significant growth markets," the head of VNG Klaus Ewald Holst, told a conference where he presented the financial results of the company to Polish journalists. More detailed decisions concerning potential investment opportunities, according to Holst, are dependent on the State Treasury's PGNiG privatization strategy. Holst also declared that VNG would be more interested in the local six companies owned by PGNiG which specialize in gas distribution. The East German gas market has been quiet since the mid 1990s and the company needs to seek new markets in order to expand. Last year, the company recorded revenues of EUR 2.9 billion with net profits of EUR 85 million. (Gazeta Wyborcza, p. 26) A.K.