The Torpol consortium has signed a contract of the expansion of the PGING mine for app. PLN 319,5 million net

A consortium involving Torpol and Torpol Oil & Gas (TOG) has signed a contract with Polskie Górnictwo Naftowe i Gazownictwo (PGNiG) for the first part of the extension of the Lubiatów Crude Oil and Natural Gas Mine, Torpol reported. The total value of the contract is PLN 393 million gross, i.e. approximately PLN 319.5 million net.

"The consortium's remuneration under the agreement amounts to PLN 393 million gross [i.e. approx. PLN 319.5 million net], of which the issuer's share in the remuneration and performance of works amounts to approx. 25% ”- we read in the release.

The first part of the expansion of the Lubiatów mine includes the expansion of the Lubiatów Central Center with a complex of buildings and structures along with technical infrastructure and the expansion of the Międzychód Group Center related to the commissioning of the Międzychód-8H well.

"The deadline for the investment was set at 24 months from the conclusion of the contract" - we read further.

Torpol will be responsible for the construction and construction works and electrical installations, while the remaining elements of the contract will be carried out by TOG.

“We are very pleased with the acquisition of a new project in such a dynamically developing and highly innovative and technological segment of the construction industry. The contract with PGNiG is an element of the diversification of Torpol's operations, confirms the high competences and growing potential of TOG, and strengthens and stabilizes its position in this market segment, ”commented Grzegorz Grabowski, president of Torpol, quoted in the release.

“The contract with PGNiG is historically the largest contract signed by TOG, which shows that from year to year we can take on ever greater market challenges. The market on which we operate is demanding both in terms of appropriate technological competences and extremely prospective, especially in times of Poland becoming independent from gas and oil supplies from the east and expansion of its own infrastructure in this sector "- added the president of Torpol Oil & Gas Cezary Pokrzywniak.

Torpol specializes in the construction and modernization of stations, railway lines, routes and tram lines. The company made its debut on the WSE main market in 2014. Consolidated sales revenues reached PLN 1,121.42 million in 2021. Torpol Oil & Gas is part of the Torpol group.

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 69,964 million in 2021.

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