Upstream revenue rose 30% over the quarter to zloty 1.68bn, on rising global oil and gas prices. The oil price marker was up 39% and the gas price marker was up 28% on the same period last year. Gas production rose about 3%, to 1.07bn m³ over the quarter; while oil output rose 20%, to 324,000 metric tons.

Trade and storage revenue rose 11% to zloty 5.56bn, as a result of higher average sales prices of gas, but costs rose 9%, partly owing to higher LNG prices that are linked to oil.

Gas supplied to refineries and petrochemical plants rose almost 19% and to power plants and CHP plants by almost 31%, as new gas-fired power generating units started up. Export sales to retail customers in Germany and Austria rose by 50% in terms of volume, reaching 720mn m³. Electricity sales are also part of that business now and they brought in zloty 470mn, up 17% year on year.

In Q2 PGNiG increased its gas imports by 3% to 3.42bn m³. LNG imports grew as first cargoes were delivered under an additional contract for the supply of LNG from Qatar and a medium-term contract with Centrica.

For the first half, net income of zloty 2.27bn was up by 8% on the same period last year. Higher prices created a headwind for its trade and storage business, but a tailwind for its upstream business; and there was strong economic growth and more gas-fired power, boosting sales of gas by 8%. Imports of LNG rose by over a half as it further diversified its gas supply business. But the percentage of gas from Russia did not change much, from 80% to 77% last year.