Increase of share capital of the subsidiary Polskie LNG S.A.
The Gas Transmission Operator GAZ-SYSTEM S.A. has obtained all the necessary corporate approvals to raise the share capital of the subsidiary Polskie LNG S.A. by the amount of 398 mln PLN.
The share capital of Polskie LNG S.A. will be raised by 398 thousand new, ordinary registered shares with a nominal value of 1,000 PLN per share. After this transaction, the share capital of Polskie LNG S.A. will increase from 670 mln PLN to 1,068 mln PLN.
The Polskie LNG S.A. Company was appointed to construct the terminal for off-take of liquefied natural gas (LNG) in Świnoujście, and it is owned by the Gas Transmission Operator GAZ-SYSTEM S.A. The LNG Terminal in Świnoujście is the main investment being fulfilled in Poland with a view to improving the energy security of the country and, at the same time, is the first project of this type in Central and Eastern Europe. Along with the transmission infrastructure currently under construction, the LNG terminal will not only enable Poland access to the world LNG market but also other countries in the region.
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The Gas Transmission Operator GAZ-SYSTEM S.A. is a strategic Polish Company responsible for natural gas transmissions throughout Poland. The Company manages assets worth approx. 5 bn PLN comprised mainly of elements of the transmission system, e.g. more than 9.8 thousand km of high pressure pipelines, 14 compressor stations, 56 hubs and 970 exit points. The Company employs over 2,000 persons.
GAZ-SYSTEM S.A. is planning to construct over 1,000 km of new gas pipelines by 2014. The most important will be in north-west and central Poland (Szczecin–Lwówek, Świnoujście–Szczecin, Szczecin–Gdańsk, Rembelszczyzna–Gustorzyn, and Gustorzyn-Odolanów). The development of the gas transmission network in Poland may constitute an important element of the North - South Gas Corridor connecting the LNG terminal in Świnoujście with the planned Adria LNG terminal through the transmission infrastructure of Central European countries.
In 2011, GAZ–SYSTEM S.A. completed the construction of the Włocławek–Gdynia gas pipeline and the gas compressor station in Goleniów and the gas compressor station in Jarosław. The Company has also opened the new Poland–Czech Interconnector, which will enable the transmission of approx. 0.5 bcm of gas annually. GAZ-SYSTEM S.A. has also developed gas pipelines in Lower Silesia, which will enable the off-take of greater amounts of gas from the western direction. It is possible to transport up to 1.5 bcm of gas annually (the earlier capacity amounted to 0.9 bcm of gas annually) via the Lasów point on the Polish-German border.
Investments fulfilled by GAZ-SYSTEM S.A. in 2011 with the possibility of using virtual reverse flow services on the Yamal pipeline have created the technical possibilities to import over 3.3 bcm of gas annually to Poland from new sources (approx. 30% of the currently performed import).
GAZ-SYSTEM S.A. is the joint organiser of the 10th International Gas Infrastructure Europe Conference, which will be held on 24 – 25 May 2012 in Cracow, Poland. The GIE Conference has for many years been the most important and most prestigious events in the European energy sector and the first such event organised in Poland. The main theme of the Conference will be the role of natural gas as a clean and ecological source of energy for the future of the economy in European Union states. More information about the Conference is available on the following website: http://www.gie.eu/index.php/annual-conference-2012-home
Contact person:
Małgorzata Polkowska, Spokesperson
tel. 22 22 01 546, mob. 691 911 217
e-mail: pr@gaz-system.pl
