Petrochem giant PGNiG reveals massive investment plans
The company's net profit in Q2 were three times higher than in the same period last year, amounting to zł.348 million. Revenues went up by 10% and topped zł.3.39 billion. The second quarter's good results were credited to higher tariff price of sold gas and lower volume of imports. "We are planning to permanently change the architecture of the gas market in Poland," said PGNiG managing director Rafał Oleszkiewicz. This will be achieved by executing investments aimed at making the firm independent from the supplies of gas from the East. At the end of the year the company should conclude talks with the suppliers of liquefied gas to an LNG terminal in winoujcie, the project should then be completed in 2011. The firm is also hoping to sign a contract related to the construction of the Baltic Pipe pipeline linking the country with Denmark by the end of the year. The value of both projects amounts to some 660 (zł.2500) million. However, PGNiG has not resolved a disagreement with Russian Gazprom over EuRoPol Gaz, which operates the Polish section of the Yamal pipeline.
