PGNiG plans to double oil production and IPO for 2004

A government committee announced that up to 49% of the shares in Polish Oil and Gas (PGNiG) are scheduled to be listed on the Warsaw Stock Exchange in 2004. The IPO is being treated by the company as a way to reduce its debts, which at the end of 2001 totalled zl. 162.6 million, down from zl. 415.6 million in 2000. By the end of this year, 23 gas sector companies owned by PGNiG will be transformed into six distribution companies, which will deal with retail sales and the development of medium and low pressure gas networks. This is part of the government's strategy to boost inadequate gas supplies to around 200 towns and cities. PGNiG has not made any moves with regard to analytical work on a tie-up with the Gdansk Refinery or Petrobaltic, but is rather focusing its efforts on doubling oil production. (Prawo i Gospodarka, p. 5) P.W.