Expert Chaslau Koniukh
  • Biography
  • Analytics
  • Companies and corporations
  • Global investment
  • Investors and Entrepreneurs
  • Market terminology
  • Stock Market
  • World exchanges
PGNiG

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.

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

You Might Also Like

Negotiations between the U.S. and China
Economic
US-China negotiations: expectations and concrete steps to resolve the situation
04.10.2020
brand valuation
Economic
Brand valuation of different countries: rating review
25.08.2020
IMF Outlook
Economic
IMF forecast: what is expecting the world economy next year
16.06.2020
Capital Economics
Economic
Capital Economics analysts gave a disappointing forecast of European economy
11.02.2021
Google Alphabet
Economic
New Google Alphabet features for advertisers and users
26.06.2020
oil exports to China
Economic
Oil exports to China increasing: reasons for the growth in volumes
21.02.2021

Recent Posts

  • 1the best currency for savings
    BKS Broker: the best currency for savings
    28.02.2021
  • 2second wave of contagion
    How the second wave of contagion will affect the cost of the cryptocurrency
    27.02.2021
  • 3China's economic recovery
    How China’s economic recovery is going: a review of the processes
    26.02.2021
  • 4Wendy Deng
    Wendy Deng: How a poor Chinese girl became one of the most powerful women in the world
    25.02.2021
  • 5PNC Financial Services Group
    Financial Corporation PNC Financial Services Group
    24.02.2021

Popular Posts

  • Yandex shares are growing: analysts’ forecasts of the corporation’s development 0
  • Advertising backpacks from BackAd startup: unique development 0
  • Dentsu Aegis Network: how the advertising market will change in 2020-2021 0
  • How the Frankfurt Exchange Deutsche Börse works 0

Social

Editor's Picks

Chaslau Koniukh

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

Spokesperson
17.08.2020
Expert Chaslau Koniukh

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

Spokesperson
18.06.2020
expert Chaslau Koniukh

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

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

Spokesperson
16.05.2020

Latest Posts

the best currency for savings
BKS Broker: the best currency for savings
28.02.2021
second wave of contagion
How the second wave of contagion will affect the cost of the cryptocurrency
27.02.2021
China's economic recovery
How China’s economic recovery is going: a review of the processes
26.02.2021

Chaslau Koniukh

Expert Chaslau Koniukh

Chaslau Koniukh is an international financial expert, a professional investor, an experienced analyst and a practicing trader. He advises European entrepreneurs; holds lectures on investment topics; is the author of scientific articles on work at the stock market.

Recent Posts

  • 1the best currency for savings
    BKS Broker: the best currency for savings
    28.02.2021
  • 2second wave of contagion
    How the second wave of contagion will affect the cost of the cryptocurrency
    27.02.2021
  • 3China's economic recovery
    How China’s economic recovery is going: a review of the processes
    26.02.2021
Expert Chaslau Koniukh
  • Facebook
  • Twitter
  • Youtube
  • Instagram
  • Biography

Expert Chaslau Koniukh: brief biography and path of formation

Let’s Socialize