Trade and Storage

INVESTGAS

INVESTGAS SA specialises in hydrocarbon storage and transport projects. It also executes specialist and general construction projects. The company provides services covering the entire investment process: from preparation, through design, construction and commissioning, to operation of gas storage units in salt caverns and other types of facilities.

In 2011, INVESTGAS’s revenue was PLN 141.6 m. Revenue from services provided to ­PGNiG represented 99% of the total. The key projects executed for ­PGNiG during the year included:

  • continued operation and construction of new caverns in the Mogilno Underground Gas Storage Cavern Facility;
  • continued work on construction of the Kosakowo Underground Gas Storage Facility;
  • continued work on expansion of the Strachocina Underground Gas Storage Facility;
  • continued work on the Kościan Gas Production Facility – KGHM Polkowice/Żukowice gas pipeline.

Also in 2011 the company conducted preparatorions for the construction of a gas pipeline from Hermanowice to Strachocina, commissioned by OGP Gaz-System SA.

In 2012, the company will continue work related to the operation, construction and extension of underground gas storage facilities as well as the construction of the Kościan Gas Production Facility – KGHM Polkowice/Żukowice and ­Hermanowice – Strachocina gas pipelines. The company also intends to acquire new orders for construction and extension of underground gas storage facilities as well as construction of gas and fuel pipelines with accompanying infrastructure.

  Entity 2011 2010
Revenue PLN m 141.6 242.7
Net profit (loss) PLN m 8.7 16.9
Equity PLN m 40.5 33.5
Total assets PLN m 76.1 111.8
Headcount as at December 31 persons 114 108

Operator Systemu Magazynowania

Operator Systemu Magazynowania Sp. z o.o. was established on November 16th 2010 to ensure compliance with Directive 2009/73/EC with respect to the legal separation of gas fuel storage functions from other types of business conducted by vertically integrated gas utilities.

Following ­PGNiG’s application in 2011, in May 2012 Operator Systemu Magazynowania Sp. z o.o was designated by the President of the Energy Regulatory Office as a storage system operator for gas fuels and obtained a licence for storage of gas fuels in storage facilities.

  Entity 2011 2010
Revenue PLN m 0.0 0.0
Net profit (loss) PLN m −1.0 0.0
Equity PLN m 4.0 1.0
Total assets PLN m 4.3 1.0
Headcount as at December 31 persons 3 0
Sales & Trading

PGNiG Sales & Trading

PGNiG Sales & Trading GmbH was established to conduct trading activities on international gas and energy markets.

The company has become a member of the European Energy Exchange in Germany and has been registered with German virtual trading platforms, such as NetConnect Germany and Gaspool. ­PGNiG Sales & Trading GmbH contracted Nordea Bank to settle the company’s transactions executed on the European Energy Exchange and on the over-the-counter market. The company also entered into agreements with brokerage firms, through which it will trade in energy on the OTC market.

In 2011, ­PGNiG obtained the right to use the transmission capacity of the Polish section of the Yamal gas pipeline through the virtual reverse service offered by OGP Gaz-System SA. Therefore, ­PGNiG Sales & Trading GmbH executed short-term gas supply contracts with European gas trading companies and in the period from November 1st 2011 to January 1st 2012 supplied 388 m m³ of gas to ­PGNiG through the virtual reverse service.

  Entity 2011 2010
Revenue PLN m 449.9 0.0
Net profit (loss) PLN m −3.3 0.0
Equity PLN m 40.6 39.6
Total assets PLN m 221.3 39.6
Headcount as at December 31 persons 14 0