News
17.10.2012 PGNiG and VNG have agreed a new pricing formula
VNG - Verbundnetz Gas Aktiengesellschaft (VNG) and Polskie Górnictwo Naftowe i Gazownictwo (PGNiG) have agreed an amended pricing formula under the existing agreement for gas supplies to Poland until 2016. The new formula will take effect as of October 1st 2012. The annual supplies of gas to PGNiG will remain unchanged, at 400 million cubic metres.
The agreed gas price is based on a pricing formula which takes into account the current market prices of gas and the prices of petroleum products. The reason for its introduction were the significant changes on the European gas market, which have resulted in an increased role of indexation of the prices of gas supplied to hubs.
The relations between VNG and PGNiG date back to 1992. They led to the execution in 2006 of an agreement providing for the supplies to Poland of 4.2 billion cubic metres of gas. Under the agreement with VNG, PGNiG has secured long-term, reliable supplies of natural gas sourced from west of Poland.
PGNiG - the PGNiG Group is the leader of the Polish gas market. Its core business involves the exploration for and production of oil and gas, as well as import, storage, trading and distribution of gaseous and liquid fuels. PGNiG is also a leader of heat generation, and Poland's seventh largest electricity producer. The Company holds 96 licences for the exploration and appraisal of oil and gas deposits (including unconventional ones) and 225 licences for the production of oil and gas from conventional fields. Through PGNiG Norway, it operates on the Norwegian Continental Shelf (on the basis of 11 licences). PGNiG also holds exploration licences in North Africa. For more details, go to www.pgnig.pl.
VNG - a specialist provider of natural gas-related products and services. The VNG value chain comprises four pillars: the extraction and production, trade and services, transport and storage. VNG has a portfolio of long-term contracts and access to all European markets to supply natural gas on market terms. Factors contributing to the security of supplies include its own network and storage infrastructure, as well as extraction and production assets. VNG enhances natural gas turning it into an innovative and environmentally-friendly product with multiple applications, while offering a unique suite of services. VNG, as a business with a strong regional foothold looking to expand internationally, has been present on the market for more than 50 years. For more details, go to www.vng.de .
Press Team PGNiG SA
