EGM adopts employment rationalisation and severance package program
On 11 December 2008, the Extraordinary General Meeting of Shareholders of PGNiG SA adopted the "Employment rationalisation and severance package program for the employees of PGNiG Capital Group for years 2009-2011 (3rd stage)".
EGM approved the purchase price for Polskie LNG Sp. z o.o.
On 26 November 2008, the Extraordinary General Meeting of Shareholders of PGNiG SA resolved that the purchase price for 100% of shares in Polskie LNG Sp. z o.o., with its registered office in ?winouj?cie, will be PLN 52,000,000. The above amount was determined based on the valuation conducted by an independent valuer. Earlier, the price was accepted by both PGNiG SA and OGP Gaz-System SA supervisory boards.
Energy Regulatory Office approves new gas prices
On 17 October 2008, PGNiG SA received the decision of the President of the Energy Regulatory Office pertaining to the approval of Tariff Change no. 1/2008 for gas fuels. The average increase in payments for gas will be 7.99 percent. The wholesale price of natural gas will increase by 11.1 percent. The new prices will be introduced by PGNiG SA on 1 November 2008.
EGM consents to the sale of Polskie LNG Sp. z o.o.
On 8 October 2008, the Extraordinary General Meeting of Shareholders of PGNiG SA consented to the noncompetitive sale of 100 percent of shares in Polskie LNG Sp. z o.o., with its registered office in ?winouj?cie, to Operator Gazoci?gów Przesy?owych Gaz-System S.A.
Financial results of PGNiG Capital Group for 2nd quarter 2008
The net profit generatedby the PGNiG Capital Group for 2Q 2008 amounted to PLN 280 million, which is 14percent lower than in the same period of 2007. The lower-than-expectedfinancial results were due to a significant increase in operating costs, mainlythe higher cost of imported natural gas, related to the high crude oil price.
On 6 May 2008, the Management Board of Polskie Górnictwo Naftowe i Gazownictwo SA resolved to allocate PLN 1,121,000,000.00 out of the balance sheet profit for the year 2007 for dividend payment.
Employee Representatives on the Supervisory Board of PGNiG SA
Ms Agnieszka Chmielarz, Mr Mieczys?aw Kawecki and Ms Jolanta Siergiej are candidate to be appointed as the members of the Supervisory Board of Polskie Górnictwo Naftowe i Gazownictwo SA appointed by the Company's employees.
PGNiG Norway at FLAME 2008
Diversification of gas supplies and security of supplies were one of the major topics at Flame 2008 conference that took place in Amsterdam between 4th and 6th of March 2008.
PGNiG Signs an Agreement with NOC
As announced earlier, PGNiG S.A. is intensifying its exploration and production activities in Libya. Over the next six years, the Company will invest at least USD 108m in the exploration and production of natural gas and crude oil.