PGNiG has an agreement with RARS to sell natural gas as a mandatory reserve

Polskie Górnictwo Naftowe i Gazownictwo (PGNiG) sold 10,063,104 MWh of natural gas as a mandatory reserve to the Government Strategic Reserves Agency (RARS) for the State Treasury worth PLN 5.955bn, the company said. RARS will pay the gas price in installments no later than August 31, 2022.

"PGNiG has concluded an agreement on the mandate of the Government Agency for Strategic Reserves to perform tasks related to the maintenance of mandatory reserves of natural gas for the period from March 18, 2022 to September 30, 2022, with an option to extend it until September 30, 2023." - we read in the announcement.

The Management Board of PGNiG on March 4 this year. consented to the conclusion of an agreement with RARS for the purposes of the Agency's tasks related to the maintenance of mandatory reserves of natural gas.

PGNiG has been listed on the Warsaw Stock Exchange since 2005. The Group deals with the extraction of natural gas and crude oil in the country, the import of natural gas to Poland, gas storage in underground gas storage facilities, distribution of gas fuels, as well as the development of natural gas and crude oil deposits in the country and abroad as well as the provision of geological, geophysical and exploration services in Poland and abroad. Consolidated sales revenues of the company reached PLN 39,197 million in 2020.

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