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PGNiG Norway has USD 400 mn loan from consortium of 7 banks

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Date: 2010-08-31 14:21

A subsidiary of the blue-chip natural gas company PGNiG, PGNiG Norway signed a 7-year credit agreement at USD 400 mn with a consortium of seven banks (Crédit Agricole CIB, BNP Paribas, Société Générale, Natixis, The Bank of Toky Mitsubishi UFJ, UniCredit Bank AG, KBC), the company said in a communique on Tuesday.


„The proceeds from the Credit Facility Agreement are to be used primarily to finance the expenditure on the Skarv field development project. After having financed the Skarv project, PGNiG Norway may flexibly use any remaining proceeds”, the release reads.

The share in Skary deposit (11.9175%) was purchased by PGNiG Norway in 2007. Skarv is the firm's biggest mining project in Norway, as PGNiG said. The current project development is estimated at 85%, and launching the production is due in H2/2010.

By the end of 2009, PGNiG SA invested about USD 760 mn in Norway, and USD 660 mn was alloocated on Skarv project. „ There is a need to invest about USD 300 mn in period of 2010-13. The proceeds wholly come from the credit”, the release reads.

PGNiG posted consolidated net profit of PLN 991.87 mn in H1/2010 vs. PLN 493.45 mn loss a year earlier. Consolidated revenue in this period was PLN 10761.92 mn compared with PLN 10253.59 mn a year earlier.

tom/ren/tom