Poland's PGNiG Sets Up London Trading Office Despite Brexit

Reuters

WARSAW, June 28 (Reuters) - Poland's top gas firm PGNiG said it will set up an office in London to buy liquefied natural gas for its own purposes as well as trade on international markets despite Britain voting to leave the European Union.

PGNiG's decision comes as companies and markets prepare for long-term disruption as they assess the impact of Brexit on London's financial services industry.

"We're upholding our decision to set up a trading bureau in London," the state-controlled firm said on Tuesday, adding that the office will open for business in January 2017.

"We will be buying gas LNG at competitive prices for our company purposes, but we will also start trading on the world markets. This is why we set up a bureau in London, the European centre of the trade of this commodity," the statement reads.

Poland launched its first 3 billion zloty ($750.58 million) LNG terminal at the Baltic port of Swinoujscie this month with a 206,000 cubic metre cargo from Qatar. It was part of a wider plan to cut reliance on Russian gas imports.

(Reporting by Marcin Goclowski, editing by Louise Heavens)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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