PGNiG: Polish gas significantly cheaper than imported Gazprom gas

12/5/2012

PGNiG: Polish gas significantly cheaper than imported Gazprom gas

WARSAW -- Poland's domestic production of natural gas, including shale gas, will be significantly cheaper than gas imported from the country's main supplier, Gazprom, the CEO of Polish gas monopoly PGNiG said.

Mrs. Grazyna Piotrowska Oliwa also said that the company's new two-year strategy will be ready in days. "The new strategy will put very heavy emphasis on mining and domestic gas production," Mrs. Piotrowska Oliwa told a news channel.

Poland is making a heavy push into shale gas exploration and production, with PGNiG and several foreign investors spearheading the effort, but so far no estimates have been given on the economic viability of unconventional gas production.

Central and Eastern Europe's largest economy heavily depends on the Russian gas, with imports covering about 60% of its annual gas usage. The Polish government is keen to seek alternatives, like shale gas production and the construction of a LNG terminal on the Baltic Sea, to better balance supplies.

Dow Jones Newswires

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