The governments of Poland and Russia have finalized negotiations on an agreement under which Russia's OAO Gazprom (GAZP.RS) will supply additional amounts of natural gas to Poland as of next year, the Polish Economy Ministry said in a statement Thursday.
The governments of Poland and Russia have finalized negotiations on an agreement under which Russia's OAO Gazprom (GAZP.RS) will supply additional amounts of natural gas to Poland as of next year, the Polish Economy Ministry said in a statement Thursday.

The agreement between the governments seals an earlier deal between Gazprom and Polish gas monopoly PGNiG SA (PGN.WA).

The ministry said that on Thursday negotiators ironed out the outstanding technical and legal details of the agreement, without elaborating.

Both parties had earlier agreed on the timeline of the new deal, gas prices, volumes and rules for gas transit through Poland, as well as on the squeeze-out of a third shareholder in the PGNiG-Gazprom Polish pipeline joint venture EuRoPol Gaz. The agreement also includes the extension of an existing gas supply contract until 2037.

Under the deal, PGNiG will increase gas purchases from Russia to 10.27 billion cubic meters a year, up from 7 billion cubic meters purchased in 2008.

Poland currently consumes some 14 bcm of gas annually and projects that its demand will increase to some 18 bcm by 2015, driven chiefly by increased use of gas for electricity generation.

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