PGNiG Plans For Its Future
Poland’s biggest natural-gas company PGNiG, plans capital expenditure of PLN 27bn (EUR 6.73bn) on development of the group through to 2015.
In releasing a revived strategy statement, the company formally known as Polskie Gornictwo Naftowe i Gazownictwo SA, allocated expenditures of 27 billion zlotys ($9.7 billion) on E&P activities in Poland and abroad over the next four years.
PGNiG seeks to increase own production of natural gas to approximately 6.2bn cubic metres annually, hoping to lower the country’s dependence on natural gas imports from Russia.
As a part of its multi year strategy, PGNiG wants to restructure its capital group, which could include selling some subsidiaries and listing others.
The company said that it has already started preparations to float its gas exploration unit Poszukiwania Nafty i Gazu Jasło Sp. z o.o.
"There is a consensus among the management and workers to list the company (Jaslo) on the stock exchange," said Radoslaw Dudzinski its deputy chief executive.
"Especially if shale gas investments prove successful, these companies will need cash (from an IPO) to finance equipment purchases to carry out the necessary work," said Dudzinski.
PGNiG is the leader in natural gas segments in Poland including trade, distribution, oil and gas exploration and production as well as gas storage and processing.
Related Reading: A Snapshot of PGNiG