The branch office was established and is operated by PGNiG Supply & Trading GmbH (PST) – a subsidiary of PGNiG Polish Oil & Gas Co. and its gas and power trading arm in Western Europe.
The office has officially opened, and is expected to become fully operational by the end of 1Q17. It will serve as PGNiG group’s international LNG competence and trading centre for short-medium term LNG trading, and will be sourcing alternative spot supplies for the LNG terminal in Swinoujscie, thus optimising the terminal’s book capacity.
The President of the Management Board of PGNiG Polish Oil & Gas Co., Piotr Wozniak, said: “With this important step PGNiG goes global as a natural gas player.
“London is the European trade center for this commodity. Our presence here will enable us to purchase natural gas for company purposes at more competitive prices. We will also be able to start LNG trading on global markets”
Uwe Bode, Managing Director of PST, added: “Due to the increase in LNG supplies led by the US and Australia, we expect LNG to become commercially valuable for Europe. This makes LNG an attractive source for the diversification of energy supplies.”
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/02022017/pgnig-opens-lng-trading-office-in-london/