Poland on the verge of control over the Yamal – Banker

Poland on the verge of control over the Yamal – Banker

March 9 to be voted on amendments to the statutes of the Gas-Trading, which will give PGNiG majority in EuRoPolGaz.

 

The longstanding dispute Polish and Russia for control of EuRoPolGaz, the Yamal pipeline operator, is nearing completion. After years of efforts, the company will gain an advantage in the Polish Oil and Gas Company (PGNiG). How to? Taking control of the Gas-Tradingiem, which owns 4 percent. EuRoPolGaz action. According to the findings, “Business Pulse”, working on the plan are in the final straight, the key decisions are to be made on March 9.

 

Key General

 

The first step to take over control of the pipeline Poland will be the General Gas-Trading convened on March 9.

They are to be voted on at the seemingly technical amendments to the articles of association: lowering the threshold majority of votes necessary to pass a resolution on General from three-quarters to two-thirds and the introduction of a threshold of 60 percent. for attending the general validity of the adopted resolutions. Lowering the required majority is crucial, because after the acquisition of control over its Bartimpex package Gas-Trading (purchase of shares or become entitled to exercise the voting of them) will give power over the company PGNiG. Is that going to happen?

 

According to unofficial information, intensive negotiations between PGNiG and Bartimpeksem been going on for over half a year. The agenda of the March general indicates that PGNiG and Bartipmex longer word. Resolutions must receive 75 percent support, which requires a vote hand in hand.

 

The psychological advantage

 

What can Poland take control of Europolgaz? Some experts downplay it.

– The acquisition by PGNiG shares Bartimpex really does not give anything to anyone. It is only after the death of Alexander the cleaning Gudzowaty – says manager associated with the gas industry, wishing to remain anonymous. For others, it is not wrong. Control of Gas-Tradingiem not be true PGNiG advantage on the board or the supervisory board, where the forces of Poland – Russia are distributed half and half. In the event of a stalemate at the level of these bodies, however, it will provide a general EuRoPolGaz where voices be spread 52 to 48 in favor of PGNiG. What about the majority can do Polish gas giant? Even vote on the payment of dividend, of which two years at odds with the Russians.

At this time, the account EuRoPolGaz were about 1.5 billion zł. For Polish companies planning to invest, cash injection is desired. Some of our sources, however, say that Poland will use the advantage over Gazprom to achieve longer-term benefits. Such offer. Unrealized fulfillment of MoU, 2010. (Ie redemption solidarity 4 percent. Shares) in exchange for Russian concessions on the occasion of the negotiation of a new gas contract. Currently, Poland pays for gas more than other European countries.

 

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