PGNiG - Polish Oil & Gas Company

06/12/2019 | Press release | Distributed by Public on 06/12/2019 08:02

Current Report No. 25/2019

Current Report No. 25/2019

2019.06.12 15:27 Current Report No. 25/2019

Warsaw, June 12th 2019
Conclusion of an annex to the LNG supply contract with Venture Global Plaquemines LNG, LLC
Current Report No. 25/2019
Further to Current Report No. 50/2018 of October 16th 2018, the Management Board of Polskie Górnictwo Naftowe i Gazownictwo S.A. ('PGNiG', the 'Company') announces that an annex to long-term contract for the supply of liquefied natural gas ('LNG') ('Annex') was signed on June 12th, 2019 with Venture Global Plaquemines LNG, LLC.
The subject of the Annex is to increase the volume from 1 to 2.5 million tonnes of LNG a year (i.e. approximately 3.4 bcm of natural gas after regasification) coming from planned Plaquemines LNG liquefaction facility in Plaquemines Parish in USA. As a result of conclusion of the Annex, total volume of LNG supplies to PGNiG from Venture Global Plaquemines LNG, LLC and Venture Global Calcasieu Pass, LLC in period of 2023-43 may reach 3.5 million tonnes of LNG annually, i.e. over 4.7 bcm of natural gas after regasification per year. The deliveries will be made on a free-on-board basis, which means LNG will be lifted by the buyer at the port of loading.
In the opinion of the PGNiG Management Board, negotiated terms and conditions of the Annex are satisfactory in the context of the PGNiG Group's strategy to expand LNG trading on global markets.
The announcement of information on negotiations and intention to annex the contract with Venture Global Plaquemines LNG, LLC was delayed on May 28th 2019 until today pursuant to Article 17(4) of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of April 16th 2014 on market abuse and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC.