PGNiG to open London LNG trading desk despite Brexit

Image courtesy of Polskie LNG
Image courtesy of Polskie LNG

Polish Gas and Oil Company (PGNiG) said it will set up a trading office for liquefied natural gas (LNG) in London despite the U.K.’s vote to leave the European Union.

The trading office will open in January 2017 with PGNiG starting to buy and sell the chilled fuel by the end of the first quarter, the company said in a statement on Tuesday.

We will be buying LNG at competitive prices for our own needs, but we will also start trading on the world markets. This is why we set up an office in London, the gas trading hub for Europe,” said Maciej Woźniak, VP of the Management Board, Trade.

The project is being run by PGNiG Supply and Trading GmbH, a Germany-based subsidiary of PGNiG. PGNiG said it has already obtained the necessary licences and permits to trade gas in the UK.

PGNiG’s announcement comes at times when many companies are assessing the impacts of Brexit (British exit from the European Union). To remind, Britain voted last week to leave the EU by a 52 percent to 48 percent margin.

Poland has recently joined the club of worldwide LNG importing nations with the arrival of the first commercial cargo at the Swinoujscie LNG terminal from Qatar under a long-term deal PGNiG has with Qatargas.

The LNG terminal in Swinoujscie, operated by Gaz-System’s unit Polskie LNG, is Poland’s flagship project to diversify gas supplies and reduce dependence on pipeline imports from Russia.

The facility is able to receive, regasify and supply of up to 5 billion cubic meters of natural gas per year to Polish transmission grid.

 

LNG World News Staff

 

Share this article

Follow LNG World News

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >

Offshore Energy Exhibition and Conference 2019

The three-day event includes an exhibition where an expected 600+ supply chain companies will showcase their products and services.

read more >

LNGgc London

LNGgc is a fantastic way of raising attendees’ company profile within this market and creating greater awareness of their brand…

read more >

5th CWC China LNG & Gas International Summit & Exhibition

5th CWC China LNG & Gas International Summit & Exhibition will return 16 – 17 October 2019, bringing together the key players…

read more >