Polish Gas and Oil Company (PGNiG) plans to up the use of LNG regasification plants in north-eastern Poland.
PGNiG earmarked PLN 1.7 billion (Approx: US$416.4 million) for the expansion of its distribution network.
The company that reported a net profit of PLN 2.35 billion in 2016 on Wednesday, aims also to up the gas distribution volumes.
In its report, PGNiG said it expects first transactions on the LNG market by its London trading office, the company opened at the beginning of February.
The company, serving as an intermediary for the purposes of LNG supplies to the Polish LNG terminal in Świnoujście, has a 20-year contract in place with Qatargas.
Poland has officially joined the club of worldwide LNG importing nations in June last year with the arrival of the first commercial cargo at the President Lech Kaczyński LNG terminal.
The LNG import terminal, 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.
1 PLN = 0.244914 USD
LNG World News Staff