OREANDA-NEWS. June 11, 2009. Krakow hosted today a regular meeting of EuRoPol GAZ Supervisory Board chaired by Alexander Medvedev, Deputy Chairman of Gazprom Management Committee.

Representing the Russian party were Stanislav Tsygankov, Head of the Gazprom International Business Department and Sergey Emelyanov, First Deputy Director General – Senior Managing Director of Gazprom Export. The Polish party was represented by Michaі Szubski, President of the Management Board of PGNiG, Mirosіaw Dobrut, and Radosіaw Dudziсski – Vice Presidents of PGNiG Management Board.

The parties addressed the issues related to the preparation of the ordinary general meeting of EuRoPol GAZ shareholders and the joint venture operation. Particular attention was paid to the tariff policy on EuRoPol GAZ gas transportation services, the company’s financial status, the mechanism for currency risks management, the completion of the fiber-optic cable laying along the Yamal – Europe gas pipeline route as well as a number of other issues concerning the current business activities.

Background:

Poland’s annual natural gas consumption is about 13.7 billion cubic meters, with around 30 per cent produced domestically. In 2008 Gazprom export supplied Poland with some 7.9 billion cubic meters of Russian gas.

The EuRoPol GAZ Transit Gas Pipeline System was incorporated in September 1993 within the Intergovernmental Agreement on the construction of a gas pipeline system for the Russian gas transit through Poland and the Russian gas supply to Poland, dated August 25, 1993. The core areas of EuRoPol GAZ activities include engineering, construction and operation of the Polish section of the Yamal – Europe gas pipeline.

EuRoPol GAZ is the owner of a 684-km-long Polish section of the Yamal – Europe gas pipeline and five compressor stations, jointly providing for the gas pipeline capacity of some 30 billion cubic meters per annum.

Gazprom and PGNiG SA are the major shareholders of EuRoPol GAZ.