PGNiG Supply & Trading (PST), the international trading arm of the Polish oil and gas company PGNiG, and Aker BP have signed a contract for the sales and purchase of natural gas produced on the Norwegian Continental Shelf.
PGNiG said on Friday that, with this agreement, PST strengthened its position on the Norwegian Continental Shelf and that the supply of gas has started in October 2020.
In the future, the contracted natural gas may be transported by the Baltic Pipe to the Polish market, as well as to other countries of Central and Eastern Europe.
Jerzy Kwieciński , president of the PGNiG management board, said: “ We are pleased that we can cooperate with Aker BP which is a trustworthy and highly valued producer and partner. Aker BP and PST have managed to reach an agreement that provides a solid basis for further strengthening of relations between both companies ”.
“ The aim of PST is to significantly expand its business activities in Norway over the coming years. This contract forms another cornerstone in successfully building a substantial portfolio in the region ”, the company stated.
The PGNiG Group and Aker BP have been cooperating successfully for several years. Some production assets on the Norwegian Continental Shelf are shared with PGNiG’s subsidiary PGNiG Upstream Norway.
In addition to the Norwegian Continental Shelf, PST is actively pursuing expansion in the Central and Eastern Europe wholesale gas markets.
In 2020, the company started trading in the Czech and Slovak markets and is about to enter the Hungarian market.
“ Through its Branch in London, PST also constantly develops competencies in the LNG area. In the last three years PST completed numerous spot and midterm transactions, sourcing gas worldwide and thus established a strong presence for PGNiG on the global LNG market. ”, PGNiG added.