Expert Chaslau Koniukh
  • Companies
  • Global investment
  • Investors
  • Terminology
  • Economy
  • Stock Market
  • World exchanges
  • Tech and Marketing
PGNiG
Economy

PGNiG intends to reduce its dependence on Russian gas

24.09.2020
2 min read

PGNiG withdraws from the Yamal contract

Polish energy concern PGNiG has officially announced a decrease in the volume of gas purchased in Russia. Supplies are expected to be reduced by 21% or to 6.29 billion cubic meters.
As a result, the share of Russian raw materials in Poland’s total imports has decreased by 17% and is at 58%. As a comparison, last year this value was 75%.
From January to September 2019, the Polish company diversified its supplies. The concern has now expanded its purchase of liquefied natural gas. Its imports increased by 27% compared to last year and amounted to 2.48 billion cubic meters. LNG accounts for 23% of all raw material imports and previously accounted for 18%.
Since the beginning of 2019, 22 deliveries of liquefied natural gas have been made for PGNiG, and last year 16 deliveries were made. Imports increased by 0.52 billion cubic meters.
Oil and gas company PGNiG officially confirmed the information that it intends to terminate the Yamal agreement. This will happen at the end of 2022 and will mean that from 2023 Russia will not supply its raw materials to Poland.
There is a clause in the earlier contract that requires the parties to submit in advance an application for continued cooperation. According to the rules, in order to prolong the contract, you must submit the relevant documents 3 years before its expiration.
The PGNiG energy holding plans to reduce its dependence on gas imports from Russia. For this purpose, it increases LNG supplies, buys and develops new fields in the North Sea. In addition, the company has taken a number of measures to improve its raw material transportation processes. PGNiG hopes that the implemented measures will improve the energy security of the state and enable the economy to complete cooperation with Russia within the framework of the Yamal agreement without any pain.

PGNiG

This document was signed back in 1996. Under its terms, Russia undertook to export to Poland about 10 billion cubic meters of gas annually.
Gazprom is quite tough. Its strategy assumes that it is necessary to purchase a certain amount of rough, otherwise you will have to pay penalties. The signed contract obliged Poland to buy at least 8.7 billion cubic meters of gas. Over time, such conditions have become unfavourable for the country.
Therefore, the management of PGNiG started taking active steps to abandon Russian rough. According to the company, it has all the necessary schemes to meet domestic demand, which amounts to about 24 billion cubic meters.
One of the possible options for gas supply is the Baltic Pipe pipeline, which will transport the raw materials from Norway and Denmark to Poland. It is expected to start deliveries in autumn 2022.
Other sources of imports were contracts with the United States and Qatar.

Tags: Economic
0
Previous Post Xiaomi Corporation invested $400 million in Xpeng Motors Next Post Profit capitalization: features and functions

You Might Also Like

Latvia's GDP
Economy
What will happen to Latvia’s GDP: consequences of the Coronavirus epidemic
18.11.2020
Lithuania's startup market
Economy
Lithuania’s startup market is considered one of the leaders in the region
10.04.2025
US economy
Economy
Why the US economy is the strongest in the world: an analysis
05.02.2025
Stabilization of oil prices Japan
Economy
Stabilization of oil prices: a solution from the Japanese authorities
11.06.2022
postponement of the Olympic Games
Economy
How the postponement of the Olympic Games in Tokyo will affect the Japanese economy
28.11.2020
Fiat Chrysler
Economy
Automobile concern Fiat Chrysler Automobiles: plans to merge with Peugeot Societe Anonyme
04.09.2020

Popular Posts

  • Skolkovo analysts: the Russian energy market is suffering losses
  • Ingeborg Mootz: a woman who became a stock player at the age of 75
  • Analysts: Egypt’s economy to continue falling in 2023
  • Businessman Chuck Feeney: the man who gave the world Duty Free

Editor's Picks

Chaslau Koniukh
Analytics

American bankers from JPMorgan and Goldman Sachs advise to invest in gold: review by Chaslau Koniukh.

Spokesperson
17.08.2020
Expert Chaslau Koniukh
Analytics

Chaslau Koniukh on the analysts’ opinion on the key stake size change soon

Spokesperson
18.06.2020
expert Chaslau Koniukh
Analytics

Chaslau Koniukh: Internet trade market in Russia may reach 2.78 trillion rubles.

Spokesperson
30.05.2020
Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh
Analytics

Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh

Spokesperson
16.05.2020

Popular Posts

  • Spain’s economy performs best in the EU
  • Li Ka Shing: How can success be achieved without money and education?
  • Skolkovo analysts: the Russian energy market is suffering losses
  • Ingeborg Mootz: a woman who became a stock player at the age of 75
  • Analysts: Egypt’s economy to continue falling in 2023
Expert Chaslau Koniukh
  • Facebook
  • Twitter
  • Instagram

© 2024 CHASLAU KONIUKH. ALL RIGHTS RESERVED. Expert in marketing and project management, international investments, financial analyst.

Menu

  • Biography
  • Companies and corporations
  • Global investment
  • Investors and Entrepreneurs
  • Economy
  • Market terminology
  • Stock Market
  • World exchanges
  • Tech and Marketing
  • Analytics