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PGNiG Group & Aker BP Further Expand Their Cooperation

Source: www.gulfoilandgas.com 10/16/2020, Location: Europe

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 Kwiecinski, 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.

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