Gaz-System, the operator of Poland’s national gas transmission system, has signed an agreement to acquire 100% of the shares of Gas Storage Poland from Polish refiner Orlen.
Financial terms of the deal were undisclosed.
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The sale by Orlen complies with the decision made by the country’s anti-monopoly regulator, the President of the Office of Competition and Consumer Protection (UOKiK). This decision was related to Orlen’s merger with Polish Oil and Gas Mining (PGNiG) in 2022, necessitating the divestment.
The acquisition marks a significant step for Gaz-System, adding to its portfolio of roles that include operating the Polish section of the Yamal gas pipeline and the liquefied natural gas (LNG) terminal.
In a press statement, Gaz-System said: “In addition, Gaz-System and Gas Storage Poland, operating within one capital group, will be able to ensure the integrity of the gas transmission system more effectively in the event of possible crisis situations.”
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The acquisition forms part of Gaz-System’s efforts to enhance its presence in the Polish gas market.
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By GlobalDataThe transaction is subject to the green light from the competition authority.
Gaz-System management board president Sławomir Hinc said: “The acquisition by Gaz-System of the company, which acts as the operator of underground gas storage facilities, will strengthen the supervision of gas strategic infrastructure in Poland.
“It will also improve cooperation between the transmission system operator and the storage system operator.
“This will also translate into greater security of gas supply to customers, better use of existing storage capacity and increase.”
With the State Treasury as its sole shareholder, Gaz-System will assume responsibility for the development of gas storage facilities under the new market model.
Last year, Orlen signed a 15-year deal with Gaz-System for LNG regasification capacity.
The agreement is for Gaz-System’s proposed floating storage regasification unit terminal, which will be built in the Gulf of Gdansk.
