PGNiG Supply & Trading GmbH (PST), the international trading arm of the Polish Oil and Gas Company (PGNiG), and Aker BP ASA have signed a contract for the sales and purchase of natural gas produced on the Norwegian Continental Shelf. The supply of gas has started in October, 2020.
With this agreement PST continues to grow and strengthens its position on the Norwegian Continental Shelf. In the future, the contracted natural gas may be transported by the Baltic Pipe to the Polish market, as well as to other countries of Central and Eastern Europe.
“We are pleased that we can cooperate with Aker BP which is a trustworthy and highly valued producer and partner. Aker BP and PST have managed to reach an agreement that provides a solid basis for further strengthening of relations between both companies”, said Jerzy Kwieciński, President of the Management Board of PGNiG SA, the sole owner of PST.
The aim of PST is to significantly expand its business activities in Norway over the coming years. This contract forms another cornerstone in successfully building a substantial portfolio in the region.
The PGNiG Group and Aker BP have been cooperating successfully for several years. Some production assets on the Norwegian Continental Shelf are shared with PGNiG’s subsidiary PGNiG Upstream Norway.
In addition to the Norwegian Continental Shelf PST actively pursues expansion in the Central Eastern Europe wholesale gas markets. In 2020 the company started trading in the Czech and Slovak markets and is about to enter the Hungarian market. Through its Branch in London, PST also constantly develops competencies in the LNG area. In the last three years PST completed numerous spot and midterm transactions, sourcing gas worldwide and thus established a strong presence for PGNiG on the global LNG market.
***
About PGNiG Supply & Trading GmbH
Established in 2010, PGNiG Supply & Trading GmbH (PST) is a trader and supplier of natural gas and electricity in Western as well as Central Eastern Europe energy markets. Based in Munich, Germany, the company has a Branch in London which is responsible for short- and midterm LNG trading and optimization. PST is wholly owned by PGNiG SA, the leader of the Polish gas market.
***
About Aker BP ASA
Aker BP ASA is an oil and gas exploration and production company focusing on the Norwegian Continental Shelf. The main shareholders of the company are Aker ASA (40%) and BP (30%). Aker BP is listed on the Oslo Stock Exchange.
Media enquiries: PGNiG S.A. Public Relations Office, media@pgnig.pl
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PGNiG Supply & Trading GmbH (PST), the international trading arm of the Polish Oil and Gas Company (PGNiG), and Ørsted Salg & Service A/S (Ørsted), a subsidiary of Ørsted A/S, have signed a multi-year contract for the sale and purchase of natural gas. The agreement covers a total volume of approx. 70 TWh (6.4 bcm) to be supplied between January 01st 2023 and October 01st 2028.
With this agreement, PST continues to grow and strengthens its position in Northern Europe and particularly in the Danish wholesale market. Denmark is linked to Germany via the interconnector at Ellund and will be linked to Norway and Poland via the Baltic Pipe which is currently under construction.
“We are pleased that we can cooperate with Ørsted who is a trustworthy and highly valued partner and an important player in the Danish market. The agreement between Ørsted and PST provides a solid basis for a further strengthening of relations between both companies. It also means more security and diversification in the European gas market. Specifically, after a commissioning of the Baltic Pipe, PGNiG Group will be able to deliver gas supplied by Ørsted in Denmark to Poland as a part of its diversified natural gas portfolio,” said Jerzy Kwieciński, President of the Management Board of PGNiG SA, the sole owner of PST.
“Ørsted is looking forward to cooperating with a recognised trading company like PST and is very satisfied with the agreement. When the Tyra field resumes delivery to Denmark, the amount of natural gas from the Danish North Sea in the market will increase significantly, and with this agreement PST will offtake a substantial amount of the natural gas that Ørsted expects to receive,” said Morten Buchgreitz, Executive Vice President and CEO of Ørsted Markets & Bioenergy.
Under this agreement, Ørsted will resell some of the natural gas that it receives from the Danish part of the North Sea to PST, e.g., from the Tyra field, which is Denmark’s largest gas reservoir. Currently, the Tyra platform is under redevelopment to extend its operational life by at least 25 years. For this reason, production from Tyra was halted in 2019 and is expected to resume in 2022.
In addition to expanding its activities in Northern Europe, PST actively pursues expansion in the Central Eastern European wholesale gas markets. In 2020 the company started trading in Czech Republic and Slovakia and is about to enter the Hungarian market. Through its Branch in London, PST is also constantly developing competencies in the LNG area. In the last three years, PST has completed numerous spot and midterm transactions, sourcing gas worldwide and thus has established a strong presence for PGNiG on the global LNG market.
***
About PGNiG Supply & Trading GmbH
Established in 2010, PGNiG Supply & Trading GmbH (PST) is a trader and supplier of natural gas and electricity in Western as well as Central Eastern European energy markets. Based in Munich, Germany, the company has a Branch in London which is responsible for short- and midterm LNG trading and optimization. PST is wholly owned by PGNiG SA, the leader of the Polish gas market and one of the biggest Polish companies listed on the Warsaw Stock Exchange in terms of value. The PGNiG Group employs 25 000 people and operates, among others, in Poland, Norway, Germany, Pakistan and the United Arab Emirates. In 2019, PGNiG Group’s revenue was over PLN 42 billion (EUR 9.4 billion).
***
About Ørsted A/S
The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs and operates offshore and onshore wind farms, solar farms, energy storage facilities, and bioenergy plants, and provides energy products to its customers. Ørsted ranks #1 in Corporate Knights' 2020 index of the Global 100 most sustainable corporations in the world and is recognised on the CDP Climate Change A List as a global leader on climate action. Headquartered in Denmark, Ørsted employs 6,000 people. Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). In 2019, the group's revenue was DKK 67.8 billion (EUR 9.1 billion).
Media enquiries: PGNiG S.A. Public Relations Office, media@pgnig.pl
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string(337) "PGNiG Supply & Trading GmbH (PST), the international trading arm of the Polish Oil and Gas Company (PGNiG), and Ørsted Salg & Service A/S (Ørsted), a subsidiary of Ørsted A/S, have signed a multi-year contract for the sale and purchase of natural gas. The agreement covers a total volume of approx. 70 TWh (6.4 bcm) […]"
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PGNiG Supply & Trading GmbH (PST), the international trading arm of the Polish Oil and Gas Company (PGNiG), and Ørsted Salg & Service A/S (Ørsted), a subsidiary of Ørsted A/S, have signed a multi-year contract for the sale and purchase of natural gas. The agreement covers a total volume of approx. 70 TWh (6.4 bcm) to be supplied between January 01st 2023 and October 01st 2028.
With this agreement, PST continues to grow and strengthens its position in Northern Europe and particularly in the Danish wholesale market. Denmark is linked to Germany via the interconnector at Ellund and will be linked to Norway and Poland via the Baltic Pipe which is currently under construction.
“We are pleased that we can cooperate with Ørsted who is a trustworthy and highly valued partner and an important player in the Danish market. The agreement between Ørsted and PST provides a solid basis for a further strengthening of relations between both companies. It also means more security and diversification in the European gas market. Specifically, after a commissioning of the Baltic Pipe, PGNiG Group will be able to deliver gas supplied by Ørsted in Denmark to Poland as a part of its diversified natural gas portfolio,” said Jerzy Kwieciński, President of the Management Board of PGNiG SA, the sole owner of PST.
“Ørsted is looking forward to cooperating with a recognised trading company like PST and is very satisfied with the agreement. When the Tyra field resumes delivery to Denmark, the amount of natural gas from the Danish North Sea in the market will increase significantly, and with this agreement PST will offtake a substantial amount of the natural gas that Ørsted expects to receive,” said Morten Buchgreitz, Executive Vice President and CEO of Ørsted Markets & Bioenergy.
Under this agreement, Ørsted will resell some of the natural gas that it receives from the Danish part of the North Sea to PST, e.g., from the Tyra field, which is Denmark’s largest gas reservoir. Currently, the Tyra platform is under redevelopment to extend its operational life by at least 25 years. For this reason, production from Tyra was halted in 2019 and is expected to resume in 2022.
In addition to expanding its activities in Northern Europe, PST actively pursues expansion in the Central Eastern European wholesale gas markets. In 2020 the company started trading in Czech Republic and Slovakia and is about to enter the Hungarian market. Through its Branch in London, PST is also constantly developing competencies in the LNG area. In the last three years, PST has completed numerous spot and midterm transactions, sourcing gas worldwide and thus has established a strong presence for PGNiG on the global LNG market.
***
About PGNiG Supply & Trading GmbH
Established in 2010, PGNiG Supply & Trading GmbH (PST) is a trader and supplier of natural gas and electricity in Western as well as Central Eastern European energy markets. Based in Munich, Germany, the company has a Branch in London which is responsible for short- and midterm LNG trading and optimization. PST is wholly owned by PGNiG SA, the leader of the Polish gas market and one of the biggest Polish companies listed on the Warsaw Stock Exchange in terms of value. The PGNiG Group employs 25 000 people and operates, among others, in Poland, Norway, Germany, Pakistan and the United Arab Emirates. In 2019, PGNiG Group’s revenue was over PLN 42 billion (EUR 9.4 billion).
***
About Ørsted A/S
The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs and operates offshore and onshore wind farms, solar farms, energy storage facilities, and bioenergy plants, and provides energy products to its customers. Ørsted ranks #1 in Corporate Knights' 2020 index of the Global 100 most sustainable corporations in the world and is recognised on the CDP Climate Change A List as a global leader on climate action. Headquartered in Denmark, Ørsted employs 6,000 people. Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). In 2019, the group's revenue was DKK 67.8 billion (EUR 9.1 billion).
Media enquiries: PGNiG S.A. Public Relations Office, media@pgnig.pl
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["excerpt"]=>
string(333) "PGNiG Supply & Trading GmbH (PST), the international trading arm of the Polish Oil and Gas Company (PGNiG), and Aker BP ASA have signed a contract for the sales and purchase of natural gas produced on the Norwegian Continental Shelf. The supply of gas has started in October, 2020. With this agreement PST continues to […]"
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PGNiG Supply & Trading GmbH (PST), the international trading arm of the Polish Oil and Gas Company (PGNiG), and Aker BP ASA have signed a contract for the sales and purchase of natural gas produced on the Norwegian Continental Shelf. The supply of gas has started in October, 2020.
With this agreement PST continues to grow and strengthens its position on the Norwegian Continental Shelf. In the future, the contracted natural gas may be transported by the Baltic Pipe to the Polish market, as well as to other countries of Central and Eastern Europe.
“We are pleased that we can cooperate with Aker BP which is a trustworthy and highly valued producer and partner. Aker BP and PST have managed to reach an agreement that provides a solid basis for further strengthening of relations between both companies”, said Jerzy Kwieciński, President of the Management Board of PGNiG SA, the sole owner of PST.
The aim of PST is to significantly expand its business activities in Norway over the coming years. This contract forms another cornerstone in successfully building a substantial portfolio in the region.
The PGNiG Group and Aker BP have been cooperating successfully for several years. Some production assets on the Norwegian Continental Shelf are shared with PGNiG’s subsidiary PGNiG Upstream Norway.
In addition to the Norwegian Continental Shelf PST actively pursues expansion in the Central Eastern Europe wholesale gas markets. In 2020 the company started trading in the Czech and Slovak markets and is about to enter the Hungarian market. Through its Branch in London, PST also constantly develops competencies in the LNG area. In the last three years PST completed numerous spot and midterm transactions, sourcing gas worldwide and thus established a strong presence for PGNiG on the global LNG market.
***
About PGNiG Supply & Trading GmbH
Established in 2010, PGNiG Supply & Trading GmbH (PST) is a trader and supplier of natural gas and electricity in Western as well as Central Eastern Europe energy markets. Based in Munich, Germany, the company has a Branch in London which is responsible for short- and midterm LNG trading and optimization. PST is wholly owned by PGNiG SA, the leader of the Polish gas market.
***
About Aker BP ASA
Aker BP ASA is an oil and gas exploration and production company focusing on the Norwegian Continental Shelf. The main shareholders of the company are Aker ASA (40%) and BP (30%). Aker BP is listed on the Oslo Stock Exchange.
Media enquiries: PGNiG S.A. Public Relations Office, media@pgnig.pl
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Integration into the ORLEN Group PST is 100% subsidiary of ORLEN Group, leader of the Polish gas market with a tradition of more than 130 years in energy. ORLEN is listed at the Polish stock exchange and operates in exploration and production of natural gas and crude oil. Through its branches and subsidiaries, ORLEN is […]
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