PGNiG plans $14 billion investment

PGNiG: Exploration is high on the agenda for the Polish company.

PGNiG

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News Wires

 28 May 2012 02:01 GMT

Polish gas monopoly PGNiG wants to invest about 50 billion zlotys ($14.31 billion) over the next ten years, mainly on a search for new gas and oil sources, the daily Parkiet said on Saturday.

The daily, referring to comments by the company's deputy chief executive, Slawomir Hinc, also said that PGNiG, 72.4% owned by the state treasury, wants to earmark some 1.1 billion zlotys on investment this year alone.

Earlier the company said it was planning 27 billion zlotys in capital expenditure by 2015, focusing on gas exploration, investment in the power sector, gas distribution and storage, Reuters reported.

In January, PGNiG signed a letter of intent with top utilities PGE and Tauron, as well as copper miner KGHM, on co-operation in shale gas exploration.

The state-controlled group…

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