PGNiG unveils its plans after multi-billion share issue

Before the issue the management board suggested that it would enable the company to increase the extraction of cheap domestic gas. This, in turn, would help neutralize a rise in the price of gas imported to Poland from Russia. Yesterday, PGNiG presented its investment plans for the next few years, which would help the firm to increase gas extraction from the current 4.3 billion to at least 5.5 billion cubic meters a year by 2008. Over the years 2005-2008 the company wants to spend zł.8.7 billion on investments. Apart from increasing domestic gas and oil extraction, the company also wants to invest in looking for resources abroad (zł.1.92 billion), the expansion of the gas-transmission infrastructure (zł.2.3 billion), warehouses (zł.350 million), and distribution (zł.2.4 billion). The company is about to announce 45 tenders for the implementation of the planned investments. (Puls Biznesu, p. 8) A.F.