Company

Polskie Górnictwo Naftowe i Gazownictwo SA is the leader in the Polish natural gas market. It is a listed company operating in exploration for and production of natural gas and crude oil. Through its key companies, PGNiG is also active in the area of import, storage, sale and distribution of gas and liquid fuels, as well as heat and electricity generation.

PGNiG SA holds equity interests in some 30 subsidiaries, including providers of specialist geophysical, drilling and well services, highly valued on international markets.

The PGNiG Group plays a key role on the Polish gas market and, as its leader, is responsible for preserving Poland’s energy security. To this end, it takes measures necessary to satisfy the steadily growing demand for gas fuel. The PGNiG Group ensures supply diversification by developing domestic deposits and sourcing gas from abroad, as the largest importer and supplier of natural gas in Poland. The fuel is transported into Poland via an extensive transmission network and the LNG terminal in Świnoujście. The Company delivers gas to end users through the distribution networks. The national gas system is complete with gas fuel storage facilities, used to cover seasonal and daily shortages of gas fuel.

The Company has branches and representative offices in Belgium, Pakistan and Ukraine. It is the sole owner of PGNiG Upstream Norway AS, engaged in upstream activities on the Norwegian Continental Shelf and the Norwegian Sea; POGC – Libya BV, conducting hydrocarbon exploration operations in the Murzuq Basin in Libya and PGNiG Supply & Trading GmbH in Munich, which trades in gas.

• In 2007, separation of the trading function from technical distribution of gas was completed. As a result, PGNiG took over all trading operations, and six regional companies became responsible for gas fuel distribution.
• In 2008, expansion of the largest underground storage facility in Wierzchowice was commenced.
• In 2011, PGNiG purchased 99.8% of shares in Vattenfall Heat Poland for PLN 2.96bn and thus became the owner of Elektrociepłownie Warszawskie (currently PGNiG TERMIKA SA), through which PGNiG SA runs the heat and electricity generation business.
• Late 2012 saw the completion of a key investment project to develop the Lubiatów-Międzychód-Grotów oil and gas fields.
• In September 2013, the gas distribution companies were consolidated to form Polska Spółka Gazownictwa.
• Since November 2013 PGNiG has acted as a Gas Market Maker on the Polish Power Exchange.
• On August 1st 2014, PGNiG OBRÓT DETALICZNY was spun-off from PGNiG SA, to meet the legal requirements and prepare for the upcoming full deregulation of the gas market in Poland. In connection with the change, the customer service function for retail sale of gas and electricity was transferred to the new company.
• In June 2016, the first commercial shipment of liquefied natural gas arrived at the Lech Kaczyński LNG Terminal in Świnoujście under a contract signed between PGNiG SA and Qatargas.
• In February 2017, PGNiG set up a trading office in London, from which PGNiG Supply & Trading operates on the international LNG market.
• March 2017 – announcement of the new strategy for the PGNiG Capital Group for 2017-2022 with perspective until 2026.
• In March 2017 PGNiG signed a side agreement to the existing Sale and Purchase Agreement (SPA) with Qatargas. The volume of supplied LNG increases to a total of 2 million tonnes of LNG a year. The new agreement will run until June 2034.
• In June 2017 PGNiG imported the first ever LNG cargo from the USA. Spot delivery from Cheniere was also the first ever supply of American LNG to Central Europe.
• In November 2017 PGNiG signed the first mid-term contract for LNG imports from the USA with Centrica LNG Company Ltd.
• On June 30, 2018 the Arbitral Tribunal in Stockholm rules in favor of PGNiG in its dispute against Gazprom. The ad hoc Arbitral Tribunal in Stockholm ruled in the partial award that the contractual condition for PGNiG to demand a revision of the price of gas supplied to Poland under the Yamal Contract had been met.
• In autumn of 2018 PGNiG signed contracts for purchases of LNG from the USA with Venture Global Calcasieu Pass LNG and Venture Global Plaquemines LNG (20-year contracts for the purchase of 2 million tonnes of LNG a year from each of the company, first deliveries in 2022 – FOB contracts) and deliveries of LNG from Cheniere (24-year contract, first deliveries in 2019, starting from 2023 PGNiG will purchase about 1.45 million tonnes of LNg a year –DES contract). These were the first long-term contracts for purchases of American LNG in Central Europe.

• exploration and production;
• trade and storage;
• distribution;
• generation.

Since September 23rd 2005, the PGNiG stock has been listed in the continuous trading system of the main market on the Warsaw Stock Exchange. The issue price in the Company’s public offering was PLN 2.98. Currently, the PGNiG shares are included in the following WSE indices: WIG, WIG20, WIG30, WIG-Poland, RESPECT Index, WIGdiv and WIG-PALIWA (sectoral index).

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