Polska Grupa Górnicza to launch by July

Polska Grupa Górnicza (PGG) which will comprise 11 mines is to be established by May 1, the Ministry of Energy reported. The government wants it to be profitable in 2018. PGG is the new name for Nowa Kompania Węglowa. According to the Ministry of Energy's plans, the new entity is to be created by May 1 and to be launched by July 1. "We would like to create a new company with a connection to the energy sector," Energy Minister Grzegorz Tobiszewski informed in December. Initially, the new entity was to be created by the end of September, however, the state treasury announced that since it "will be formed in a capital structure that will not be questioned by the EC," the entire venture will be delayed. Preliminary sketches of the new draft have already been made, according to the ministry.