PGNiG Norway, a subsidiary of Polskie Górnictwo Naftowe i Gazownictwo SA, will sell its share in natural gas output from the Skarv field to PGNiG Sales & Trading. The term of the gas supply contract, valued at approximately EUR 1.3bn, is ten years.

The report "Directions for the Development of Competition and Consumer Protection on the Domestic Gas Market" prepared by the UOKiK (Office of Competition and Consumer Protection) is an important contribution to the debate on deregulation of the Polish gas market. The report contains an accurate description of the current market conditions and outlines the main challenges on the path towards liberalisation.

In reference to an update published by the rating agency Standard & Poor's Financial Services on September 5th 2012 to announce that PGNiG credit rating was lowered from "BBB+" to "BBB" and placed on CreditWatch with negative implications, the Management Board of PGNiG SA asserts that the rating downgrade was caused by factors largely beyond the Company's control. These primarily include the rising cost of gas imports, coupled with unfavourable PLN exchange rate movements, which the tariff approved by the President of the Energy Regulatory Authority (URE) failed to offset.

On August 28th 2012, the Management Board of Polskie Górnictwo Naftowe i Gazownictwo adopted a resolution concerning the Voluntary Termination Programme. Its adoption was a consequence of the Agreement concerning the process of PGNiG's reorganisation, concluded on August 24th 2012 between the PGNiG Management Board and PGNiG's Union Coordination Commission.    Joanna Zakrzewska, PGNiG Press Officer

The two-day meeting between representatives of the PGNiG Management Board and PGNiG SA's Union Coordination Commission, devoted to issues relating to the process of PGNiG's reorganisation, ended on August 24th 2012 with the Parties signing of an Agreement concerning the adoption of a draft Voluntary Termination Programme for Employees of PGNiG SA.

In H1 2012, the PGNiG Group recorded a PLN 17m loss, relative to a PLN 1bn profit reported for the corresponding period of the previous year. The loss was incurred despite a 28% growth in revenue, to PLN 14.8bn. It was driven by factors over which the Company had limited control, including primarily the rising cost of gas imports, coupled with adverse movements in PLN exchange rates, which the tariff approved by the President of the Energy Regulatory Authority (URE) and effective since March 31st 2012 failed to offset.

By lighting a flare on the Komorze-3K well, Polskie Górnictwo Naftowe i Gazownictwo SA has launched production tests on the natural gas deposit in Greater Poland.

On July 30th 2012, the notes issued in June by Polskie Górnictwo Naftowe i Gazownictwo SA were floated on the Catalyst market, on the multilateral trading facility operated by BondSpot. This is the largest Polish non-bank issue to have been listed on that market.

Polskie Górnictwo Naftowe i Gazownictwo SA (PGNiG) has found gas shows in the Komorze -3K deep exploration well being drilled in Greater Poland. 

Polskie Górnictwo Naftowe i Gazownictwo launched a series of educational workshops on shale gas. The first edition of the workshops was held in the Province of Gdańsk. Workshop sessions for members of the media were held in Gdańsk and Olsztyn on July 11th and July 13th 2012, respectively, whereas the workshop sessions for local government representatives were organised in Krokowa and Starogard Gdański on July 19th and July 20th 2012, respectively. On July 25th 2012 the Company also started publishing a monthly newsletter on shale gas-related issues.