28 November 2012 16:28 [Source: ICIS news]
LONDON (ICIS)--All Polish chemical producers should consider investing in domestic gas exploration and production to secure non-imported feedstock for decades ahead, the Poland's treasury minister said on Wednesday.
“I encourage every company that has a surplus of financial liquidity to take an interest in the possibility of participating in [shale gas and conventional gas] extraction,” said the minister, Mikolaj Buzanowski, following a meeting with Polish chemical industry leaders at a Warsaw forum.
An “absolutely key element” of the government's industrial policy is to end Poland's reliance on largely Russian imports for around 70% of its gas needs, Buzanowski said at the event, the Polish Chemical Industry National Forum 2012.
“We want to switch to domestic gas production which can then primarily be delivered to the chemical industry,” he added.
In respect to chemical industry investment in general, Buzanowski called on companies to be “more ambitious than ever”.
“We must have the courage to think of investments in terms of the billions of zloty rather than just 100 to 200 million zloty,” the minister said.
On 26 November, analysts warned that the shale-gas driven petrochemical revival in the US could threaten the prospects of a zlotych (Zl) 6bn ($1.9bn, €1.5bn) petrochemical complex which two companies controlled by the treasury, Poland-based refiner Grupa Lotos and chemical group Zaklady Azoty Tarnow (ZAT), are hoping to create by late 2017.
On 12 November, five Polish companies said they had been unable to hammer out the details of a Zl 1.72bn shale gas cooperation deal by a targeted November deadline, but now intended to reach an agreement by 4 February next year.
($1 = Zl 3.17, €1 = Zl 4.10)
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