The Arbitration Court in Stockholm has closed evidentiary proceedings and has formally set the date for its ruling on the case brought by PGNiG against Gazprom in relation to the terms of gas supplies and the procedure for changing the gas price under the Yamal contract.

The upgrade by Fitch Ratings underscores PGNiG’s efforts to diversify gas import sources and directions, while developing its own hydrocarbon production capacity.

The PGNiG Group has established a venture capital vehicle to finance innovative energy projects, looking to invest approximately PLN 100m over the next six years.

PGNiG has signed an agreement with ERU Management Services providing for joint gas exploration and production operations in the western part of Ukraine, close to the Polish border.

For the period of five years, Polish Oil and Gas Company (PGNiG) will be the sole user of the small-scale LNG reloading station in Klaipeda. For PGNiG, this is an important step in building competence and position on this market in Central and Eastern Europe and the Baltic Sea basin. The contract with Klaipedos Nafta (KN)  was signed today in Klaipeda and actual operations will start from April 2020.

The first phase will involve geophysical survey to be performed using 3D seismic imaging. The work is due to start in December.

The development of the field in the Norwegian Sea enters the second phase. Additional three production wells will be drilled next year. This means that starting from 2020 the extraction of natural gas from the Ærfugl deposit will be greater.

Polskie Górnictwo Naftowe i Gazownictwo SA announces that on November 15th 2019, having obtained the required corporate approvals, it notified PAO Gazprom and OOO Gazprom Export of its intent to terminate the contract for purchase and sale of natural gas to the Republic of Poland, concluded on September 25th 1996 (the Yamal Contract), with effect from December 31st 2022.

The PGNiG Group delivers Q1-Q3 2019 revenue of PLN 29.65bn and EBITDA of PLN 3.9bn.