The Polish Prime Minister has called on Norway to share its oil and gas profits

Article content

(Bloomberg) – Norway should have “huge” gains from the recent rise in oil and gas prices, especially with Ukraine, says Polish Prime Minister Mateus Morawiki.

Morawiki, responding to a question about his government’s energy policy at a youth group meeting on Sunday, said coal-dependent Poland plans to switch to renewable and nuclear energy, while cutting off oil and gas supplies from Russia and “Arab” countries. E.g.

“But should we pay Norway a huge sum for gas – four or five times more than we paid a year ago?” This is sick, “he said.” They should share this extra profit. It’s not normal, it’s unfair. It’s an indirect victim of the war started by Putin. “

Article content

Poland will complete a gas pipeline from Norway later this year that will help replace energy supplies from Russia – the Polish ruble was cut last month after refusing to pay.

The country is seeing its gas demand increase by almost 50% in the current decade as its utilities build new power plants to replace the old coal-fired units. The North Sea connection agreement with Norway and Denmark was important for the Polish ruling party’s law and justice party’s policy of severing power ties with Russia.

The state-owned PGNiG SA, Poland’s most influential gas company, saw its revenue before interest, taxes, payments and depreciation or Ebitda, which more than doubled to 9.6 billion gallons ($ 2.19 billion) in the first quarter from a year earlier. Profit growth was largely driven by its Norwegian unit, which accounted for about half the amount, benefiting from rising oil and gas prices.

© 2022 Bloomberg LP

Leave a Reply

Your email address will not be published.