Poland is on track with the construction of its liquefied natural gas port and will complete it in 2014 despite obstacles, Treasury Minister Mikolaj Budzanowski told reporters Thursday.
Poland
is on
track with the construction of its liquefied natural gas port and will complete
it in 2014 despite obstacles, Treasury Minister Mikolaj Budzanowski told
reporters Thursday.
"The project is being carried out with persistence and will be ready in
2014. Contrary to reports of various troubles, we are on schedule," Mr.
Budzanowski said.
Poland
is
building the LNG terminal in Swinoujscie, northwestern
Poland
, as
part of its multi-pronged drive to diversify its sources of energy away from
Russia
. It
has an agreement with
Qatar
for
deliveries of LNG, which may start in 2013 after the LNG port is completed.
According to earlier reports in local media, the construction is several months
behind schedule due to financial difficulties faced by the general contractors
on the government-owned project,
Italy
's
Saipem SpA (SPM.MI) and
Poland
's PBG
SA (PBG.WA). PBG in June filed for bankruptcy protection.
Gaz-System
,
Poland
's
state-owned gas pipeline operator responsible for building the 2.7 billion
zloty ($855 million) terminal on the government's behalf, on Thursday signed
the final financing deal needed to finish the project.
Under the agreement, the European Bank for Reconstruction and Development will
lend Gaz-System PLN300 million for 12 years. The project is financed with a mix
of funds from the EBRD, the European Investment Bank, Gaz-System's own coffers,
and European Union funds.
If the LNG terminal isn't completed on time,
Poland
risks
having to pay for liquefied gas it has pre-ordered, but won't be able to
receive.
Poland
hopes
to turn the future LNG port into a natural gas-trading hub for central and
northern
Europe
. At present, its gas firm, PGNiG SA (PGN.WA),
relies on gas imported from
Russia
to
cover most of demand from Polish customers.
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