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