DIRECTORS' REPORT ON PGNiG SA'S OPERATIONS ... - Notowania
DIRECTORS' REPORT ON PGNiG SA'S OPERATIONS ... - Notowania DIRECTORS' REPORT ON PGNiG SA'S OPERATIONS ... - Notowania
Directors’ Report on PGNiG S.A.’s Operations in 2008 The volume of natural gas sales is determined by the pace of the country’s economic growth. A potential drop in gas demand may have a positive bearing on the financial performance of PGNiG S.A. PGNiG S.A. still assumes that production of natural gas will be highly profitable; the level of own production should be similar to the volumes reported in the previous year. The profitability of crude oil sales will depend on oil prices on international markets. In 2009, PGNiG S.A. plans to increase capital expenditure, chiefly on projects aimed at increasing the production capacity, diversifying gas supply sources and expanding underground gas storage facilities. The Company plans to increase capital expenditure on power projects using natural gas. Moreover, it will also intensify its efforts designed to search for and prove new oil and gas reserves. The wideranging investment activities will be financed from operating cash flows and available credit facilities. 54 of 55
Directors’ Report on PGNiG S.A.’s Operations in 2008 Members of the Management Board President Michał Szubski Vice-President Mirosław Dobrut Vice-President Radosław Dudziński Vice-President Sławomir Hinc Vice-President Mirosław Szkałuba Vice-President Waldemar Wójcik 55 of 55
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Directors’ Report on <strong>PGNiG</strong> S.A.’s Operations in 2008<br />
The volume of natural gas sales is determined by the pace of the country’s economic growth.<br />
A potential drop in gas demand may have a positive bearing on the financial performance of <strong>PGNiG</strong><br />
S.A.<br />
<strong>PGNiG</strong> S.A. still assumes that production of natural gas will be highly profitable; the level of own<br />
production should be similar to the volumes reported in the previous year. The profitability of crude<br />
oil sales will depend on oil prices on international markets.<br />
In 2009, <strong>PGNiG</strong> S.A. plans to increase capital expenditure, chiefly on projects aimed at increasing the<br />
production capacity, diversifying gas supply sources and expanding underground gas storage facilities.<br />
The Company plans to increase capital expenditure on power projects using natural gas. Moreover, it<br />
will also intensify its efforts designed to search for and prove new oil and gas reserves. The wideranging<br />
investment activities will be financed from operating cash flows and available credit facilities.<br />
54 of 55
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