In the second quarter of 2011, Polish natural gas company PGNiG had a net loss of 2 million PLN (US$7 million), which was mainly due to the fact that Polish natural gas and oil production could make up for higher natural gas import costs in time.
Industry sources predict that its net profit will soar to 164 million zloty. Relying on high oil and natural gas prices, it can promote the profits of the company's upstream business. However, its operating performance has reportedly dropped by 27%.
In the long-term contracts linked to oil prices, PGNiG needs to import about two-thirds of the sales of natural gas from Russia each year, ie 14 billion cubic meters, and the price of natural gas can also change with the adjustment of the country.
Industry sources predict that its net profit will soar to 164 million zloty. Relying on high oil and natural gas prices, it can promote the profits of the company's upstream business. However, its operating performance has reportedly dropped by 27%.
In the long-term contracts linked to oil prices, PGNiG needs to import about two-thirds of the sales of natural gas from Russia each year, ie 14 billion cubic meters, and the price of natural gas can also change with the adjustment of the country.
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