PGNiG to open London LNG trading office

Poland’s PGNiG has announced that it will open an LNG trading office in London, UK. The office is scheduled to open in January 2017, and reach full operational capacity by the end of 1Q17.

The President of PGNiG SA, Piotr Wozniak, said: “We are upholding our decision to open an LNG trading office in London. Currently, we have reserved 65% of the capacity of the LNG terminal in Swinoujscie [Poland]. Thus, PGNiG SA has become a player of the global LNG market. We want to fully leverage the resulting opportunities.”

The Vice-President for Trade, Maciej Wozniak, added: “We will be buying LNG at competitive prices for our own needs, but will also start trading it on global markets. That is why we are opening an office in London, the gas trading hub for Europe.”

PGNiG Supply and Trading GmbH, which is a Germany subsidiary of the company, will run the operational side of the project. The relevant licenses and permits to trade gas in the UK have already been obtained.

The London office will focus its efforts on short-term and medium-term LNG trading. To start with, it will consist of both a number of specialists from the PGNiG Group, as well as external experts. Any strategic decisions regarding the management of long-term contracts and the LNG portfolio will be made by PGNiG SA.

Edited from press release by David Rowlands

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/30062016/pgnig-to-open-london-lng-trading-office-2680/