PGNiG likely to reduce gas prices of chemical concerns on the edge

Polish Oil and Gas (PGNiG) might soon decide on a debt for equity swop from chemical sector companies. These entities include the nitrogen plants located in Tarnów, Puławy, and Kędzierzyn, as well as chemical plants in Police, Sarzyna, and Zachem. Before the takeover, PGNiG is very likely to lower the price of gas sold to these companies (by up to 15%), to help them return to profitability. The net loss of the six nitrogen and chemical plants amounted to zł. 385 million last year. The sector is in such a poor condition that Nafta Polska officially warned against potential bankruptcies of these companies. (Parkiet, p. 1) A.K.