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PGNIG Signed a Strategic Agreement with Qatargas

Source: www.gulfoilandgas.com 3/14/2017, Location: Middle East

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Polish Oil and Gas Company (PGNiG) signed a side agreement to the existing Sale and Purchase Agreement (SPA) with Qatargas, the World’s Premier Liquefied Natural Gas Company.

Under the terms of the agreement, Qatargas will increase the volume of liquefied natural gas (LNG) currently supplied to PGNiG to two million tonnes per annum (MTPA) which is equal to about 2,7 billion cubic meters of gas after regasification. The new agreement will come into effect on 1 January 2018 and will run until June 2034.

Piotr Wo?niak, Chief Executive Officer and President of the PGNiG Management Board, said: “PGNiG is firmly committed to expanding its LNG portfolio and our active presence in the global LNG market. I’m very pleased that Qatargas and PGNiG have been able to achieve an agreement which contributes to the realization of the long-term goals of both companies and supports the implementation of our strategy to diversify natural gas supplies to Central and Eastern Europe.”

Maciej Wo?niak, Executive Vice-President of the PGNiG Management Board, added: “This agreement is the next meaningful step in deepening our close partnership with Qatargas, the world’s biggest LNG company, and reaffirms Qatargas’ commitment to supporting the development of an LNG hub in Poland. This agreement will also contribute to building the Company's value for shareholders.”

Saad Sherida Al-Kaabi, Qatar Petroleum President and Chief Executive Officer, and Chairman of Qatargas Board of Directors, said: “We are very pleased that we have signed this agreement, which marks another milestone for us in Qatar as we continue to meet the requirements of our customers worldwide. I would like to take this opportunity to thank PGNiG for their trust in Qatargas”.

Saad Sherida Al-Kaabi continued: “With more than 20 years of proven reliability, Qatargas continues to build a world-class reputation for safe and reliable LNG deliveries to our valued customers.”

Commenting on the new deal, Khalid Bin Khalifa Al-Thani, Chief Executive Officer, Qatargas, said: “The Qatargas Direction Statement clearly articulates our commitment to building strong, long-term relationships with customers. This commitment is a key differentiator in a competitive market, and our customers know that they can trust Qatargas to safely and reliably meet their energy needs. Today, Qatargas looks forward to the next phase in our long-term relationship with PGNiG, and to the prospect of building an even stronger relationship with PGNiG as we increase our deliveries of LNG to Poland.”

The LNG will be supplied from Qatar Liquefied Gas Company Limited (3) (“Qatargas 3”), a joint venture between Qatar Petroleum, ConocoPhillips, and Mitsui & Co. Ltd., and will be delivered on board Q-Flex LNG vessels to the President Lech Kaczynski LNG Terminal in Swinoujscie, Poland.

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