Mazowiecka Gas Company finds solution to its investment problem

Six distribution companies spun off from Polish Oil and Gas (PGNiG) on January 1, 2003, cannot take loans exceeding EUR 5 million, due to the fact that their parent company has problems with coping with its EUR 700 million Euro bonds. "We will ask PGNiG to waive the 2003 profit we pay them so it can be used for investment purposes," said Michał Szubski, president of the Mazowiecka Gas Company (MSG), one of the six companies. However, this will only be about zł. 10 million, which is not enough for investment purposes. As a result, MSG will also use its zł. 80 million depreciation funds, which will give the company closer to zł. 100 million to invest in 2004. The firm plans to enter new sectors, as "We plan to start selling natural gas to car users. We are looking for a partner willing to place gas distributors on its gas stations. We will also promote the use of gas installations among engineers and architects designing and employing air-conditioning systems," said Szubski. (Puls Biznesu, p. 9) M.M.