Reports claim Sinclair selection may leave PGNiG empty handed

Polish Oil and Gas (PGNiG) may be left empty handed after selecting Sinclair for the supplier of 2 billion cubic meters of gas. According to unofficial information from Puls Biznesu, Sinclair has not signed an agreement with the Ukrainian gas operator NAK, indicating that the former might be unable to meet the terms of the contract clinched with PGNiG. "Supplementing such amounts of gas on the free market will be a difficult task. Besides, there is little time for signing new contracts with other potential suppliers" an anonymous informer engaged in the tender process told Puls Biznesu. It is possible that, Gazprom, which holds a stake in Ukrtransgaz, might block the transaction since the Russians were reported to be very displeased at Poland's attempts to purchase gaz at a more attractive price. Rumors are circulating that PGNiG's owner the Treasury Ministry is also interested in Sinclair's problems but has not confirmed the speculations. (Puls Bzinesu, p. 4) A.Z.