Gaz-System secures PLN 300m credit for LNG terminal from EBRD
October 5, 2012
EBRD Managing Director Riccardo Puliti and Gaz-System president Jan Chadam sign the credit agreement
Poland's natural gas infrastructure operator Gaz-System has obtained a PLN 300 million 12-year credit from the European Bank for Reconstruction and Development to co-finance the construction of its first liquefied natural gas terminal in Swinoujscie, in an effort to reduce the country’s dependence on Russian gas.
"The LNG terminal has a great meaning for the energy security in Poland and in Central Europe," EBRD Managing Director in charge of energy and natural resources Riccardo Puliti said. "I strongly believe that Poland will be the future energy hub in Central Europe."
The LNG project is important for Poland as it allows the country to diversify its gas supplies and gives it a better negotiation position in talks with Russia, according to Puliti.
EBRD will finance 11% of the total investment value. The terminal is co-financed by EU funds, the European Investment Bank and Gaz-System's own means.
The project is realized by a special purpose entity of Gaz-System called Polskie LNG, which cooperates with Szczecin maritime office, Szczecin and Swinoujscie sea port managements as well as Gaz-System.
The terminal is to be launched in 2014, enabling reception of 5 bcm of natural gas annually in the initial phase. That capacity can, if needed, be increased to 7.5 bcm later on.
Puliti also said that EBRD would like to invest EUR 300-400 million annually in energy projects in Poland and may offer around EUR 100 million in financing for Tauron's Stalowa Wola power block as well as Enea's distribution segment investments.
"It is our goal to spend, as long as it is possible, EUR 300-400 million annually on new businesses in the Polish energy and natural resources sector," Puliti told PAP Polish news agency.
The bank's spending in Poland in 2011 amounted to around EUR 1 billion, one third of which was invested in the energy sector, EBRD Country Director Lucyna Stanczak said.
"This year the sum of outlays may be a little lower - at around EUR 250-300 million," she said.