PGNiG: Execution of agreement on maintaining emergency gas stocks with Government Agency for Strategic Reserves

Further to Current Report No. 12/2022 of March 4th 2022, the Management Board of Polskie Górnictwo Naftowe i Gazownictwo SA (“PGNiG” or the “Company”) announces that on March 18th, 2022 PGNiG executed an agreement engaging the Government Agency for Strategic Reserves (“GASR”) to perform tasks related to maintaining emergency stocks of natural gas for the period from March 15th 2022 to September 30th 2022, with an option to extend its effective term until September 30th 2023 (the “Agreement”).

Under the Agreement, PGNiG sold to GASR in favour of the State Treasury 10 063 104 MWh of natural gas constituting emergency stocks, with a value of PLN 5.955bn. Pursuant to the authorisations under the Act of January 26th 2022 on Special Solutions for the Protection of Gas Fuel Customers in View of the Situation on the Gas Market, GASR will pay the price in instalments, by August 31st 2022.

In addition, the Agreement contains provisions whereby PGNiG will be under an obligation to repurchase natural gas in the event of an emergency stock withdrawal.