Poland's PGNiG Says 2016 Net Profit Rises 10%
WARSAW, March 8 (Reuters) - Polish gas company PGNiG said on Wednesday that higher gas sales boosted its 2016 net profit by about 10 percent to 2.35 billion zlotys ($577 million), slightly higher than an earlier estimate.
In February, state-run PGNiG estimated 2016 net profit would come in at 2.32 billion zlotys, with the fourth-quarter figure expected to be 690 million zlotys.
"In 2016, we concluded a number of new contracts with both wholesale and small and medium companies accounts," PGNiG's CEO Piotr Wozniak said in a letter to the company's shareholders.
"During 2016, we sold almost 1.4 billion cubic metres more of natural gas than in 2015," Wozniak said.
PGNiG imports most of the gas it sells from Russia's Gazprom . Total gas imports to Poland amounted to 11.5 billion cubic metres (bcm) in 2016 compared with annual Polish gas consumption of about 15 bcm.
The Polish firm wants to reduce its reliance on Russian supplies through buying more liquefied natural gas and building a new pipeline to gas deposits in Norway.
PGNiG said the average gas price on the Polish spot market fell 24 percent in 2016, but expects it to rise this year on the back of increasing oil prices.
The company expects investment in 2017 to rise to 5.14 billion zlotys from 3 billion in 2016.
(Reporting by Agnieszka Barteczko; editing by David Clarke)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea