27.03.2012

GAZ-SYSTEM S.A. signed an overdraft facility contract with PKO Bank Polski

On 23 February 2012, GAZ-SYSTEM S.A. signed an overdraft facility contract with PKO Bank Polski. The funds from the facility will finance the company’s operational expenses. The contract allows for one-time drawing on the whole credit. The facility will be available until December 2015. The interest will accrue on a monthly basis.

“The contract signed today is a example of successful cooperation between Treasury companies which think strategic about infrastructure investment. Supporting energy development projects has an immense potential, which in a longer term will translate into prices of energy for individuals”said Mikołaj Budzanowski, the Minister of Treasury.

“The overdraft facility increases financial liquidity of the company through the flexibility and easy availability offered by this form of financing. In addition, it ensures competitive interest rate and guarantees easy repayment by inflows to the current account”- said Jan Chadam, the President of the Management Board of GAZ-SYSTEM S.A.

The main purpose of the overdraft facility is to get easy access to funds, with minimum formalities in relations with the creditor, and optimise the cost of long-term financing.

“The development of corporate banking is one of our priorities. Businesses have already become aware that PKO Bank Polski is a reliable business partner both in times of prosperity and in a slowdown. We are glad to be able to support the activity and continued development of a company with strategic importance to this country’s energy sector”said Zbigniew Jagiełło, President of the Management Board of PKO Bank Polski.




The contract is being signed. From left to right: Adam Bryszewski, Director of the Financial Division of GAZ-SYSTEM S.A., Jan Chadam, President of the Management Board of GAZ-SYSTEM S.A., Zbigniew Jagiełło, President of the Management Board of PKO BP, Jarosław Myjak, Vice-President of the Management Board of PKO BP



The contract has been signed. From left to right: Adam Bryszewski, Director of the Financial Division of GAZ-SYSTEM S.A., Jan Chadam, President of the Management Board of GAZ-SYSTEM S.A., Zbigniew Jagiełło, President of the Management Board of PKO BP, Jarosław Myjak, Vice-President of the Management Board of PKO BP



From left to right: Jan Chadam, President of the Management Board of GAZ-SYSTEM S.A., Zbigniew Jagiełło, President of the Management Board of PKO BP



Minister of Treasury Mikołaj Budzanowski speaking.

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Gas Transmission Operator GAZ-SYSTEM S.A. is a strategic company for the Polish economy, responsible for natural-gas transmission across the country. The company manages about PLN5 billion worth of assets which include primarily the components of the transmission system, including more than 9,700 km high-pressure pipelines, 15 compressor stations, 56 hubs and 970 exit points. The company employs more than 2000 persons.

GAZ-SYSTEM S.A. will build about 1,000 km of new gas pipelines by 2014. The most important of them will be built in north-western and central Poland (Szczecin-Lwówek, Świnoujście-Szczecin, Szczecin–Gdańsk, Włocławek–Gdynia, Rembelszczyzna–Gustorzyn, Gustorzyn-Odolanów) and in Lower Silesia (Polkowice-Żary, Jeleniów-Dziwiszów). The expanded gas transmission network in Poland may become an important part of the North-South Gas Corridor to link the Świnoujście LNG terminal with the planned LNG Adria terminal and the Nabucco pipeline via internal transmission infrastructure of Central European countries. GAZ-SYSTEM S.A. is also the owner of Polskie LNG S.A., a company established to build the liquefied natural gas (LNG) terminal at Świnoujście.

In 2011, GAZ–SYSTEM S.A. has completed the construction of the Włocławek–Gdynia gas pipeline and gas compressor stations in Goleniów and Jarosław. The company also launched a new interconnector between Poland and the Czech Republic to transmit approx. 0.5 bcm of gas annually.

GAZ-SYSTEM S.A. has also developed the pipelines in Lower Silesia to ensure the off-take of increased volumes of gas from the west. The Lasów point at the Polish-German border is able to handle the transmission of up to 1.5 bcm of gas annually (the previous capacity was 0.9 bcm of gas annually).

The investment projects completed by GAZ-SYSTEM S.A. in 2011 have offered a possibility of using virtual reverse flow services on the Yamal pipeline and created technical capacities to import more than 3.3 bcm of gas annually to Poland from new sources (approx. 30% of the currently imported volume).

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PKO Bank Polski is a lider of the Polish banking sector. PKO Bank Polski’s consolidated net income after three quarters of 2011 is PLN 2.855 billion. The Bank also occupies a leading place in the sale of mortgage loans. PKO Bank Polski is frequently distinguished in prestigious rankings. Recently, it was granted the “Bank of the Year in Poland” award by an international monthly, The Banker. This has recognised both the financial performance and comprehensive modernisation. The Accounting and Tax Institute honoured the 2010 Annual Report of PKO Bank Polski with the main award in “The Best Annual Report” competition, in the category of “Banks and financial institutions”. Two products of PKO Bank Polski: cash loan and term deposit, have been awarded “The Product of the Year 2011” certificates by the Reader’s Digest monthly, as the products most frequently and most eagerly chosen by customers. The bank is also the laureate of the “Złoty Bankier” (Golden Banker) award for the best mortgage loan in the market, and the winner of the “Entrepreneur-friendly Bank” competition, holder of the “Customer-friendly Company” certificate and the best commercial bank according to the Warsaw Business Journal. PKO Bank Polski’s innovative solutions in corporate banking have been awarded in the Europrodukt competition. In the last edition of that competition, the Bank received three statuettes in the “Product” category – for the payroll and consolidated accounts, and for the escrow account. Furthermore, the iPKO Biznes electronic banking system has for the second time won the European Medal. PKO Bank Polski is also a bank with the strongest image in Poland, which is evidenced by the leadership position in the “Top Brand” ranking kept by the Press magazine, and the Trusted Brand title awarded by the Reader’s Digest monthly. It is also the most expensive brand in the Polish brand market. Experts from The Banker magazine estimated its value at 1.5 billion dollars, and the “Polish Brands 2011” ranking kept by Rzeczpospolita daily estimated its value at 3.8 billion zlotys. The charity activity of PKO Bank Polski has been appreciated by the Academy for the Development of Philanthropy in Poland, which awarded the Bank and Inteligo Financial Services with the statuette of the “Benefactor of the Year 2010”, and by the Polish Donors Forum which awarded the Bank with a Special Award for long-term and consistent support of socially beneficial activities.

Contact:
Małgorzata Polkowska
Spokesperson of GAZ-SYSTEM S.A.
Tel. 22 220 15 46, mobile 691 911 217
E-mail: pr@gaz-system.pl
 
Elżbieta Anders
Spokesperson of PKO Bank Polski
Tel. 22 521 84 51
Email: prasa@pkobp.pl

 


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