With effect from 1 January 2014, Mariusz Zawisza was appointed President of the PGNiG Management Board. The following people were also appointed for a joint term of office: Jerzy Kurella – Vice-President of the Management Board, Trade; Jarosław Bauc – Vice-President of the Management Board, Finance; Zbigniew Skrzypkiewicz – Vice-President, Exploration & Production; Andrzej Parafianowicz – Vice-President, Corporate Affairs.

Given the political unrest in Libya posing a threat to its employees, POGC Libya B.V. suspended exploration under its Libyan licence.

On 15 May 2014, the Annual General Meeting of PGNiG passed a resolution on the distribution of PGNiG’s net profit for the 2013 financial year and decided to allocate PLN 885m to the dividend. The dividend per share is PLN 0.15.

Operator Systemu Magazynowania Sp. z o.o. began to offer the expanded working capacities of the Wierzchowice Underground Gas Storage Facility and the Strachocina Underground Gas Storage Facility.

On 1 August 2014, PGNiG Obrót Detaliczny Sp. z o.o. commenced its operations. It took over PGNiG’s existing gas retail business. The change will enable PGNiG to meet the requirement, effective as of 2015, to sell 55% of its high-methane gas volumes fed into the transmission network on commodity exchanges.

On 29 September 2014, PGNiG Upstream International AS acquired interests in four fields located on the Norwegian Continental Shelf from Total E&P Norge AS. The interests cover six licences on the following fields: Morvin, Vilje, Vale and Gina Krog. As a result of the transaction, PGNiG Upstream International AS increased its recoverable reserves in Norway by ca. 60%.

PGNiG and Qatar Liquefied Gas Company Limited (3) executed a supplementary agreement to the contract for sale of liquefied natural gas (LNG) of 29 June 2009. The agreement will minimise the risk of PGNiG having to pay for uncollected LNG under the “take or pay” clause. Based on the currently available projections of global LNG prices and natural gas prices in Poland in 2015, the PGNiG Management Board believes that the agreement may enable PGNiG to achieve better results on trading in the natural gas supplied under the long-term contract compared with the original arrangement.

The President of the Energy Regulatory Office approved PGNiG Gas Fuel Supply Tariff No 7/2015 (wholesale tariff), effective from 1 January 2015 to 30 April 2015. The average price of high-methane and nitrogen-rich (Lw) gas was reduced by ca. 4% and 1.4%, respectively.

The President of the Energy Regulatory Office approved PGNiG Obrót Detaliczny Sp. z o.o.’s Gas Fuel Trading Tariff No 1 (retail tariff), effective from 1 January 2015 to 31 December 2015. The average trading price of gas fuel was reduced by 1.8% for high-methane gas (E), by 0.8% for nitrogen-rich gas (Lw), by 1.1% for nitrogen-rich gas (Ls), and by 1.6% for decompressed propane-butane.

On the same day, the President of the Energy Regulatory Office also approved Polska Spółka Gazownictwa Sp. z o.o.’s Tariff for Gas Fuel Distribution Services and LNG Regasification Services, effective from 1 January to 31 December 2015. The average fee rates increased by ca. 2.2%−3.6%, depending on the branch of PSG.