Polskie announces additional funding for LNG terminal

Source:Polskie LNG
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The amount of the Operational Programme - Infrastructure and Environment (OPI&E) grant for the construction of the LNG terminal in Świnoujście has been significantly increased. The maximum sum of the subsidy was increased from PLN 456 million to PLN 551.8 million. This confirms that so far the policy of spending the resources has been considered appropriate and may serve as an essential prerequisite for reducing the tariffs. Furthermore, in December 2012 Polskie LNG was once more awarded the "Integrated Management System" certificate according to ISO standards which proves the highest quality standards maintained by the Company.

The fact that additional EU funds were granted for the construction of the terminal is very good news for all - the investor as well as for future users of the Swinoujscie infrastructure. Firstly, it confirms that the previously allocated funds were spent appropriately. Secondly, the funding from the OPI&E will result in reduction of tariffs, which means that the services offered by the LNG terminal will be cheaper for our potential customers - said Rafał Wardziński, CEO of Polskie LNG.

Ministry of Economy and the Institute of Oil and Gas (the implementing institution) have granted additional funding following the positive assessment of the project‘s progress. Moreover, the company's spending policy related to subsidy in the amount of PLN 456 million was highly recognized. Polskie LNG has already spent over PLN 300 million of the earlier funding.

The increase in funding was feasible pursuant to the decision of the European Commission of 2011, designating the maximum amount of subsidy for the LNG terminal in the amount of PLN 925 million. The sum of PLN 95.8 million has been derived from the resources released under OPI&E’s activity 10.2 and 10.3 to the activity 10.1, under which the construction of the terminal Is performed.

Another important event that took place at the turn of the year was awarding the "Integrated Management System" certificate according to ISO standards to Polskie LNG. Implementation of international standards of quality management and environmental management, following a detailed audit, represents that the construction of the LNG terminal - the key investment for the national energy security - is carried out to the highest standards of quality, with particular regard for environmental issues and greatest consideration of natural environment (Natura 2000).

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