Termination of the Operational Leasing Agreement between GAZ-SYSTEM S.A. and the Polish Oil and Gas Company S.A.
On 7 October 2011, the Gas Transmission Operator GAZ-SYSTEM S.A. and the Polish Oil and Gas Company (PGNiG S.A.) terminated the Operational Leasing Agreement which was concluded on 6 July 2005.
Pursuant to the agreement concluded in July 2005, GAZ-SYSTEM S.A. leased from the Polish Oil and Gas Company S.A. components of the transmission system. On 6 October 2011, the last tranche of the transmission assets in the amount of 30,140,000 PLN was conveyed to the GAZ-SYSTEM S.A. Company. The assets were conveyed to the State Treasury by the Polish Oil and Gas Company S.A. (PGNiG S.A.) under a dividend in kind, and for GAZ-SYSTEM S.A. constitute the object of the contribution covering the raise of the share capital to 3,772,006,842 PLN.
At present, the entire transmission infrastructure managed by GAZ-SYSTEM S.A. constitutes the property of the operator. Thanks to assuming the ownership of the transmission system, GAZ-SYSTEM S.A. will be able to exercise more flexible management of the transmission system and fulfil its investment plans more assertively.
The value of the company's fixed assets as at 31 August 2011 amount to 4.5 bn PLN, with the value of equity amounting to over 5.4 bn PLN.
As a result of the investments performed by the Company, the value of the fixed assets will increase by approx. 7 billion PLN by the end of 2014.
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The Gas Transmission Operator GAZ-SYSTEM S.A. is a strategic company for the Polish economy and energy security of the country. The key task of the Company is the transport of natural gas via the transmission system throughout Poland as well as the development of the gas pipeline network.
The Company manages assets worth in excess of 5 bn PLN comprised mainly of elements of the transmission system, e.g. more than 9.7 thousand km of high pressure pipelines, 15 compressor stations, 56 hubs and 970 exit points. The Company employs over 2,000 people.
GAZ-SYSTEM S.A. is also the owner of the LNG S.A. Company which was appointed to construct the liquefied natural gas terminal (LNG) in Świnoujście.
By 2014, GAZ-SYSTEM S.A. will have built over 1,000 km of new gas transmission pipelines. The most important will be constructed in northwestern and central Poland.
The construction of the Gas Compressor Station in Goleniów was completed in spring 2011, and in autumn 2011, the Włocławek – Gdynia gas pipeline was started up and the Gas Compressor Station in Jarosław was modernised. In 2011, gas pipelines in Lower Silesia will also be developed and the capacity at the Lasów point on the Polish – German border will be increased from 0.9 bcm to 1.5 bcm.
The Polish - Czech Republic Interconnection was opened on 14 September 2011 and is contributing to the development of the internal gas transmission systems in Central Europe and their connection into an integrated network, e.g., through the North - South Gas Corridor, which will integrate the LNG terminal in Świnoujście (Poland), through southern Poland and countries in the south of Europe with the Adria LNG terminal in Croatia and with the planned Nabucco gas pipeline.
Contact:
Małgorzata Polkowska
Spokesperson for GAZ-SYSTEM S.A.
Tel. (22) 22-01-755, 691-911-217
e-mail: pr@gaz-system.pl
www.gaz-system.pl
