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PGNiG to Terminate Yamal Contract with Gazprom in 2022 End

Gasoil News - Published on Mon, 18 Nov 2019

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Polskie Gornictwo Naftowe i Gazownictwo SA announced that on November 15th 2019 it notified PAO Gazprom and OOO Gazprom Export of its intent to terminate the contract for purchase and sale of natural gas to the Republic of Poland, concluded on September 25th 1996, with effect from December 31st 2022. Mr Piotr Wozniak, President of the PGNiG Management Board, said “In line with the Republic of Poland’s aspiration to achieve security of energy supplies and seeking to deliver the PGNiG Group’s current strategy, over the past four years we have taken a number of important steps to diversify the sources of natural gas supply to Poland. We have concluded long-term LNG supply contracts and have been acquiring natural gas deposits on the Norwegian Continental Shelf, which, combined with the activities of the transmission system operator to expand the gas pipeline system, makes it possible for us to terminate the Yamal Contract on the originally set date.”

In accordance with the provisions of the Yamal Contract, three years prior to its original termination date, ie by December 31st, 2019, the parties are required to submit a declaration whether or not they intend to continue their contractual relationship beyond 2022.

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Posted By : Yogender Pancholi on Mon, 18 Nov 2019
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