Poland's PGNiG Eyes Iran's Oil and Gas Market



Reuters

WARSAW, Nov 23 (Reuters) – Poland's state-run gas distributor PGNiG is looking at various options in oil and gas exploration and production in Iran once sanctions on the country are lifted, PGNiG's CEO said.

"We are interested in the Iranian market (...) and we are considering various business configurations there. We have an office in Iran and are at the stage of examining that market," Mariusz Zawisza said in an interview.

He reiterated that PGNiG was considering buying production assets in Norway, the United States and Canada that would help it boost own oil and gas output.

Zawisza said the 100 million euros that PGNiG paid France's Total for stakes in several Norwegian oilfields last year could be a reference point for future acquisitions.

PGNiG, which is also interested in buying heating power plants in Poland, sees 2016 investment as "comparable" to this year's, the CEO said. Earlier this year PGNiG expected 2015 capex at around 4.3 billion zlotys ($1.08 billion).

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The CEO said talks with Russia's Gazprom, which is PGNiG's biggest gas supplier, on reducing prices in its long-term contract had reached a "mature" phase.


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