Polskie LNG Increases Share Capital

Polish Gas Transmission Operator GAZ-SYSTEM said it has obtained all the necessary corporate approvals to raise the share capital of its subsidiary Polskie LNG by the amount of 398 mln PLN.

The share capital of Polskie LNG will be raised by 398 thousand new, ordinary registered shares with a nominal value of 1,000 PLN per share.

After this transaction, the share capital of Polskie LNG will increase from 670 mln PLN to 1,068 mln PLN, the company said in a statement.

The Polskie LNG Company was appointed to construct the terminal for off-take of LNG in Świnoujście, and it is owned by the Gas Transmission Operator GAZ-SYSTEM.

The LNG Terminal in Świnoujście is the main investment being fulfilled in Poland with a view to improving the energy security of the country and, at the same time, is the first project of this type in Central and Eastern Europe.

Along with the transmission infrastructure currently under construction, the LNG terminal will not only enable Poland access to the world LNG market but also other countries in the region.

1 Polish zloty = 0.291062 U.S. dollars

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LNG World News Staff, May 16, 2012; Image: Polskie LNG