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PGNiG Eyes Iran’s Energy Market

PGNiG Eyes Iran’s Energy MarketPGNiG Eyes Iran’s Energy Market

Poland’s state-run gas distributor PGNiG is looking at various options in oil and gas exploration and production in Iran once sanctions on the country are lifted, PGNiG’s CEO said. “We are interested in the Iranian market ... and we are considering various business configurations there. We have an office in Iran and are at the stage of examining that market,” Mariusz Zawisza said on Monday, Reuters reported. He noted that PGNiG was considering buying production assets in Norway, the US and Canada that would help it boost own oil and gas output. Zawisza said the €100 million that PGNiG paid France’s Total for stakes in several Norwegian oilfields last year could be a reference point for future acquisitions. The CEO said talks with Russia’s Gazprom, which is PGNiG’s biggest gas supplier, on reducing prices in its long-term contract had reached a “mature” phase. PGNiG is tied to a contract with Gazprom under which it buys up to 10.2 billion cubic meters of gas annually, compared to almost 16 bcm of total gas consumption in Poland.

 

Financialtribune.com