PGNiG: Stage 1 of LNG Terminal to Cost 400M Euro
by AFX News Limited
January 10, 2008
Polish gas monopoly PGNiG will spend EUR300 million of its own cash and EUR100 million from debt and other sources on the construction
of the first stage of its planned liquefied natural gas (LNG) terminal, the company said.
"The value of the first stage to be finished by 2011 will be around EUR400 million," Tadeusz Zwierzynski, head of PGNiG's LNG unit PLNG, told reporters,
reiterating the cost of the whole project should be EUR450 million.
After the first stage, the terminal's capacity will stand at 2.5 billion cubic
meters of LNG per year and may be tripled later, depending on usage and demand
for the gas it will pump out.
PGNiG earlier this month picked Canadian engineering company SNC-Lavalin to
design the terminal, in Swinoujscie on the Baltic Coast, and hopes to get
permits in the second half of 2008 allowing it to begin building work.
SNC-Lavalin said it is also considering bidding in the construction tender.
PGNiG, which developed LNG plans as part of Poland's strategy to limit its
dependence on imports from Russia, said it is now in talks with three potential
suppliers of LNG, one of them from Algeria.
Copyright 2008 AFX News Limited. All Rights Reserved.
Polskie LNG (PLNG)
PGNiG SA (Polish Oil & Gas Co.)