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27.09.2010

The construction of the LNG terminal in Świnoujście

Polskie LNG S.A. has handed over the construction site of the LNG Terminal  in  Swinoujscie to the contractor – consortium SAIPEM-TECHINT-BPG on the scheduled date. The date of handing the project ready to operate is by 30th June 2014.

‘Most of the milestones scheduled for the year 2010 have already been achieved. I’m glad of the fact that the works on the first LNG Terminal in this part of Europe are going according to the schedule’ Zbigniew Rapciak , the Chairman of Polskie LNG S.A. said. ‘We have signed two very important contracts this year: one with the contractor and another one with the company responsible for the supervision of the project. We have also prepared the site for the construction process and handed it over to the contractor’ Rapciak added. The ceremony of laying the foundation stone officially marking the beginning of the construction will take place in the near future.



Polskie LNG S.A. has also commissioned preparatory works on the site. The 40 ha area dedicated for the terminal building has been levelled and the power grid has been relocated.  Thanks to that the construction site obtained its power and water supply. Additionally, a new level crossing and an access road have been built as a part of the preparatory works.

On 17th September 2010 the investor has officially handed over the construction site to the consortium, which is now responsible for all the works carried out on the site. It is also intended for the construction base to be ready this year and the supplementary soil investigation is to be completed by the end of the year. There are also plans to purchase special 9% Ni steel needed to build the LNG storage tanks. The commissioning and the start-up of the terminal will take place after the completion of all the building works, followed by a performance test. Once the permit to operate is granted the terminal will be ready to operate by June 2014.

‘Our consortium combines the experience of Saipem and Techint in building both liquefying and regasificating LNG terminals, and that of PBG in the in the Polish gas sector’ Laurent Demasles, the representative of Saipem, ensured. The Consortium members have great experience gained during the construction of eleven LNG terminals around the world, including the Canaport LNG in Canada, Freeport (U.S.), Guandong Terminal in China, Pyeongtaek in South Korea, Zeebrugge in Belgium, Bilbao in Spain, Marmara LNG in Turkey as well as Fos Cavaou LNG in France. The consortium has already built forty-one LNG storage tanks and another six are under construction.



The contract to build the LNG terminal in Swinoujscie was signed on 15thJuly 2010 in the presence of Minister of the Treasury, Alexander Grad. It was signed between the investor Polskie LNG and the contractor, consortium Saipem S.p.A. (Italy) – Saipem SA (France) – Techint Compagnia Technica Internazionale S.p.A. (Italy) – Snamprogetti Canada Inc. (Canada) – PBG SA (Poland) – PBG Export Sp. z o.o. (Poland). The contract was awarded by a tender after the consortium submitted the best possible offer of 2 946 559 860 PLN gross.

In June 2010 Polskie LNG S.A. signed another contract with consortium Atkins worth 46.5 million PLN gross. Atkins is responsible for supervising the construction of the LNG terminal in Swinoujscie.

The financing of the enterprise is guaranteed. The value of the assets promised by commercial banks, the European Union, the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) together with the company’s own assets  amounts to 6 billion PLN, whereas the value of the construction does not exceed 3 billion PLN. The company’s share in the financing constitutes 1 billion PLN, due to the capital raising provided by Gaz-System. A part of the share worth 300 million PLN was transferred in July 2010 and another 260 million PLN will be transferred in October 2010.
The major priority of Polskie LNG S.A. is to finance the enterprise in the cheapest possible way. The decision about the final finance structure will be made under the condition of receiving a positive opinion from the European Commission.

Polskie LNG S.A. is also obliged to insure all the major risks connected with the investment process, including the construction associated risks (CAR/EAR), a loss of the cargo, an advanced loss of profit (ALOP) and a marine delay in start-up (MDSU). The company has instigated proceedings leading to signing the contract with the consortium of five insurance companies including PZU S.A., STU Ergo Hestia S.A., Generali TU S.A. and TUiR Allianz S.A. The contract with the consortium is to be signed in the middle of October 2010.

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Milestones

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