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Polish PGNiG signs 20-year LNG deal with Qatargas

  Poland’s natural gas monopoly Polskie Gornictwo Naftowe i Gazownictwo Wednesday said it signed a 20-year agreement with Qatargas Operating Co. for the delivery of liquefied natural gas.

Under the agreement, PGNiG will receive about one million tons of LNG a year, starting 2014. Poland plans to build an LNG terminal on the Baltic Sea coast by 2014 to diversify its gas supply routes. The initial capacity of the terminal was planned at 2.5 million tons of LNG a year.

PGNiG said the framework, long-term agreement with Qatargas will be followed by a commercial agreement specifying terms of supplies. A contract to buy LNG is crucial to begin talks on securing financing of the terminal estimated to cost at least €500 million. (Reuters)