PGNiG to renegotiate gas prices and volumes with Gazprom
August 18, 2014
Poland’s natural gas monopolist PGNiG will want to negotiate both price and volume elasticity in its contract with Russia's Gazprom once the negotiation window opens in November, CEO Mariusz Zawisza told a news conference.
"We are conducting analysis to prepare for renegotiation," Zawisza said. "We see trends on the market to the effect that gas prices no longer follow crude prices."
"We want to talk first about a greater correlation with market prices, then about a greater elasticity in volumes purchased," Zawisza added.
To date, the contract included a "take or pay" clause.
The company is also at an advanced stage of negotiations with Qatargas concerning LNG supplies, the CEO said, adding that PGNiG is "on a positive negotiation path."
Poland was supposed to accept first shipments in January 2015, but construction of the LNG terminal still has not finished and the terminal is expected to become fully operational mid-2015.