Poland has its own project of gas pipeline to deliver Russian gas to Western Europe

Poland has developed the new project of a land gas pipeline from Russia and the Western Europe via Estonia, Latvia, Lithuania, Poland, and Germany, Gazeta.kz translated RBC daily referring to Polish Dziennik.

The new gas pipeline should be cheaper and shorter then Nord Stream which goes along the Baltic Sea. According to Polish Dziennik, "GasProm" sees more negative than positive in the Polish project.

The project of the new gas pipeline will be proposed to Russia by the Poland Prime Minister, Donald Tusk, during the forthcoming on February 8 visit to Moscow, Dziennik reports. Tusk's government already consulted with governments of Estonia, Latvia, Lithuania on the construction questions and received theirs agreement.

Besides, Baltic States are ready to participate in the project and pay the part of its cost. According to Polish experts held the calculations of probable expenses, the new gas pipeline will be twice cheaper than "Nord Stream" built on the Baltic Sea bottom as well as significantly shorter. Expenses for Nord Stream construction is measured in more than EUR 5 bln.

According to the project, the new gas pipeline should go through European Union member States' territory that excludes illegal transit gas collection and arbitrary payment increase for gas transit, the Polish newspaper thinks. In recent times as alternative to Nord Stream Poland and Byelorussia proposed Russia to build the second line of Jamal - Europe gas pipeline, however countries did not agree in terms of conditions.

According to experts, the gas pipeline going through the territory of Poland was very much profitable for the country. Poland will be able to get income from gas transit and have guaranteed fuel deliveries. But "GasProm" will hardly reject Nord Stream in a favor of Polish proposal. Because the Nord Stream main task is to eliminate Poland and other transit countries from gas deliveries.


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Poland's TPSA will complete 700 mln zlotys share buyback in H2 - CFO

Poland's largest phone company TPSA expects to complete a 700 mln zlotys share buyback in the second half of this year, Chief Financial Officer Benoit Merel told a conference call with journalists.

TPSA, a unit of France Telecom (NYSE:FTE) , will hand back to shareholders 2.75 bln zlotys, or 2.01 zlotys per share, in share buyback and dividend, Merel added.

He also said the local telecommunication market should start growing again this year, correcting the statement made earlier that the growth is unlikely before 2009.
Source: By Piotr Skolimmowski, money.cnn.com

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Poland's BRE Bank to book 139 mln zlotys in Q1 pre-tax profit from share sale

WARSAW (Thomson Financial) - Polish mid-sized lender BRE Bank has sold a 20 pct stake in cable TV operator Vectra for 264 mln zlotys and will book pre-tax profit of 139 mln zlotys from the transaction in the first quarter, the company said in a statement.

'After several years of working with Vectra, the time had come when the bank wanted to realise the profit from this transaction,' PAP state news agency quoted BRE Bank financial investment director Michal Popiolek as saying in the statement.

According to its website, Vectra is Poland's second largest cable operator, covering some 115 towns and 645,000 households.

Source: By Paweł Sobczak, forbes.com

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Poland's central bank ups rates 25 bps, as expected

WARSAW (Thomson Financial) - Poland's central bank, as expected, raised interest rates by 25 basis points at a monthly meeting today, tightening borrowing costs for a fifth time since last April as it battles to bring inflation back to its 2.5 pct target.

The bank's main rate now stands at 5.25 pct. All but one analyst polled by the PAP state news agency had predicted the hike after inflation climbed to 4 pct in December.

Analysts expect the bank will raise rates at least once more in months ahead, but says comments from moderates on its policy council cast doubt on the 75 basis points in tightening priced in by debt markets for months ahead.

The bank will issue its full statement explaining its decision in a news conference starting at 4 pm CET today.

Source: By Piotr Skolimowski, forbes.com

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Daimler considers new plant in Poland or Romania - report

FRANKFURT (Thomson Financial) - Daimler AG is considering opening a new plant in either Poland or Romania, where new A and B-class models are to be built from 2011, weekly Automobilwoche reported citing company sources.

'These two options are currently under examination,' a Mercedes manager told the weekly, but added that the plan is still at a very early stage.

Daimler declined to comment, according to the report.

Source: forbes.com

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Poland central bank governor to face parliamentary committee Thursday

WARSAW (Thomson Financial) - Poland's central bank governor will attend a meeting of parliament's public finance committee Thursday to answer questions on the resignations of his two deputies this month, in a row over staff changes and management at the bank.

The row dates back to the resignation last week of Deputy Governor Jerzy Pruski, who said he had been marginalised at the bank and prevented from carrying out his constitutional role.

The bank's other deputy chief Krzysztof Rybinski, who resigned at the start of the year, has said that Pruski's statement contained 'strongly twisted facts' and praised changes made at the bank under governor Slawomir Skrzypek.

Analysts say the questioning in parliament may up the pressure on Skrzypek, who is strongly protected under Poland's constitution but who has drawn some criticism in his first year in charge for his lack of experience in economics.

Thursday's hearing will start at 1300 GMT, the committee said.

Source:By Patrick Graham,

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Denmark backs Poland on EU milk quota hike: minister

WARSAW (Thomson Financial) - Poland has the backing of Denmark as it pushes for a 5.0 pct increase in EU milk production quotas, rather than the 2.0 pct proposed by Brussels, Agriculture Minister Marek Sawicki said on Monday.

'I'm happy to we have Denmark's support for the 5.0 pct rate,' Sawicki told reporters after a meeting with his visiting Danish counterpart Eva Kjer Hansen.

Hansen confirmed that Denmark was in favour of Poland's position that the EU milk market should be opened up more rapidly than planned in an existing draft proposal by the the 27-nation bloc's executive body, the European Commission.

Source: forbes.com

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ProLogis has developments on tap in Poland

ProLogis of Colorado has signed agreements to develop and lease more than 1 million square feet of industrial space in Poland.

Based in Aurora, ProLogis (NYSE: PLD) is a publicly traded real estate investment trust and the world's largest developer, owner and manager of distribution centers. The company operates in 20 countries in North America, Europe and Asia, with more than 480 million square feet of properties.

The company is expanding in Poland because "the country has emerged as a truly dynamic location for manufacturing and distribution," according to Michael de Jong-Douglas, ProLogis' managing director for central and eastern Europe. As of year-end 2007, ProLogis had 18.5 million square feet of existing space and space under development in Europe.

Deals ProLogis recently cemented in Poland include:

  • 185,000-square-foot build-to-suit at ProLogis Park Piotrkow II for Vobis, a provider of digital equipment.
  • 157,000 square feet at ProLogis Park Dabrowa leased to Fiege Group, a third-party logistics services provider.
  • 74,000 square feet at ProLogis Park Poznan II leased to DHL International GmbH, another logistics company.
  • 52,000 square feet at ProLogis Park Wroclaw leased to Rhenus Fastrack SA, also a logistics services provider.
Source: bizjournals.com

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