Saipem Says Needs More Money to Finish Poland's LNG Terminal

Reuters

WARSAW, March 30 (Reuters) - Italian firm Saipem will complete the delayed construction of Poland's liquefied natural gas (LNG) terminal this summer, but only if it receives further payment, Polish daily Rzeczpospolita said, quoting Saipem's spokeswoman.

Saipem is leading the consortium which is building the terminal in the Baltic city of Swinoujscie.

"The LNG terminal will be ready to take the first loads in the summer, assuming that the consortium receives appropriate support from Polskie LNG and that financing of the terminal's full operations in the following months will be provided," Camilla Palladino told Rzeczpospolita.

Polskie LNG, which is owned by Poland's gas grid Gaz-System and is responsible for the investment, declined to comment, Rzeczpospolita said.

The terminal is Poland's flagship project in its plan to cut dependence on gas imports from Russia.

Poland said earlier this month it would not increase payments for the construction, which was supposed to be completed by the end of 2014 for a total of 2.4 billion zlotys ($636 million).

The daily also said, quoting unnamed sources, that apart from additional payments Saipem expects Poland to withdraw fines it imposed on the consortium for the delays.

($1 = 3.7732 zlotys)

(Reporting by Agnieszka Barteczko; Editing by Mark Potter)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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