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| Polish Oil and Gas Warsaw headquarters |
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Despite the spread of the global financial crisis, Polskie Górnictwo Naftowe i Gazownictwo (PGNiG) increased the number of production licences, permits and plans – a clear expression of the company’s stability, strength and its capability to grow even during this economic downturn.
"Our financial standing is very stable and we can afford to acquire new assets. The adverse developments in global markets offer good opportunities for further growth, like acquiring assets of companies affected by the crisis," says Radoslaw Dudzinski, vice president for strategic projects.
PGNiG’s excellent financial standing has been affirmed by many international rating agencies. It was the highest ranking energy company in Central and Eastern Europe, getting a BBB+ rating from Standard & Poor’s and a Baa1 rating from Moody’s. The company is also included in the prestigious index of emerging markets stocks selected by Morgan Stanley Capital International (MSCI).
Over the past two years, PGNiG has acquired mining assets on the Norwegian continental shelf and in Denmark, and has carried out exploration projects in Pakistan, Libya and Egypt. It is also looking into securing a license in Algeria in partnership with other international companies.
"We are always open to cooperation with international companies, including Japanese businesses. Naturally, such cooperation must offer mutual benefits," says Dudzinski.
Listed on the Warsaw Stock Exchange in 2005, PGNiG S.A. reported sales revenue of $4.97 billion in 2007.
"The initial public offering raised additional funds that we have been able to use to finance more projects. One of the key objectives in ‘The Strategy for the PGNiG Group until 2015’ adopted in November 2008 is to transform the company into a multifaceted energy concern with a strong market presence. This will require a substantial amount of commitment and determination, but I am convinced we will succeed," says Dudzinski.
One of the largest employers and strategic enterprises in Poland, PGNiG has affiliates operating in Europe, Central Asia, and North and Central Africa.
"PGNiG has over 150 years of history. We are an experienced operator with a strong track record in the industry, and the necessary technical and organizational infrastructure. And we recognize the role of our employees (around 29,000) in achieving our successes as we employ the best engineers and specialists in many areas, including geophysics and geology. They form an excellent staff of well-qualified specialists, whose reputations and competence are appreciated worldwide," says Dudzinski.
www.pgnig.pl
One of our strengths is that we have a good international network and are able to supply not only Japan but also other
countries.
KEI SHIBATA
MESCO President
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