DIRECTORS' REPORT ON PGNiG SA'S OPERATIONS ... - Notowania

Contents
Directors’ Report on PGNiG S.A.’s Operations in 2008
Contents ................................................................................................................. 2
Chapter I: General Information on the Company ................................................. 4
1. Establishment of the Company ......................................................................................... 4
2. Core Business .................................................................................................................... 4
3. Organisational Structure .................................................................................................... 5
4. Equity Links ...................................................................................................................... 7
5. Changes in Equity Interests ............................................................................................... 8
6. Employment .................................................................................................................... 10
7. Gas Sales and Procurement ............................................................................................. 11
Chapter II: Regulatory Environment ................................................................... 12
1. Polish Energy Law ........................................................................................................... 12
1.1. Licences ..................................................................................................................... 12
1.2. Tariff Policy .............................................................................................................. 13
1.3. Changes in Tariffs ..................................................................................................... 13
1.4. Regulatory Risks ....................................................................................................... 16
2. Act on Reserves of Crude Oil, Petroleum Products and Natural Gas .............................. 17
3. Polish Geological and Mining Law .................................................................................. 18
Chapter III: Exploration and Production ............................................................. 19
1. Exploration ....................................................................................................................... 19
2. Production ........................................................................................................................ 21
3. Planned Exploratory Work ............................................................................................... 23
4. Risks Related to Exploration and Production .................................................................. 24
Chapter IV: Exploration and Production ............................................................. 27
1. Purchases .......................................................................................................................... 27
2. Sales ................................................................................................................................. 28
3. Storage .............................................................................................................................. 29
4. Activities Planned in the Trade and Storage Segment ..................................................... 30
5. Trade- and Storage-Related Risks .................................................................................... 31
Chapter V: Other Activities ................................................................................. 34
Chapter VI: Investment Projects ......................................................................... 35
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