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13.10.2021 PGNiG Group to change its structure
The commencement of an operations optimisation process is chiefly related to meeting the needs of the energy transition. The proposed changes are to improve the efficiency of management processes, put the organisational structure in order and reduce operating costs and business risks. In this, PGNiG is drawing on the experience of leading oil and gas companies.
A relevant resolution has been passed by the Management Board of Polskie Górnictwo Naftowe i Gazownictwo. A reorganisation of the PGNiG Group was prompted by shifts in the market and regulatory environment, particularly those relating to environmental requirements. It will help maximise the Group’s operational and financial efficiency and achieve strategic goals to optimise PGNiG’s business model.
'The planned organisational and asset transformation processes are aimed at creating a model based on a holding company structure, which is in line with leading practices applied in in the energy and fuel industry. The structure is used by global leaders of the oil and gas sector,’ commented Paweł Majewski, President of the PGNiG Management Board. ‘First and foremost, the new structure will allow us to comply with the changing regulatory landscape, generate adequate operating profitability in an environment of growing competitive pressure and better manage the operating risk related to the volatility of natural gas prices,’ he added.
The reorganisation will be a multi-step process. The first step will be to separate the hydrocarbon exploration and production, wholesale gas trading and gas storage businesses from PGNiG, and to transfer their assets as an in-kind contribution of an organised part of business to a new subsidiary within the Group. As a next step, this special purpose vehicle will acquire shares in selected segment companies from PGNiG SA. Following the reorganisation, PGNiG SA will become a corporate centre responsible for key management, supervisory and planning functions, with responsibility for the development and implementation of segment strategies and investment projects taken over by the segment companies.
The PGNiG CEO noted the reorganisation will not entail workforce reductions. ‘Our personnel is an invaluable asset to the company, and we will be looking for cost optimisation in areas other than employment,’ explained Paweł Majewski.
The transition of the PGNiG Group to a holding company structure will enhance its ability to achieve operating synergies in key business segments and improve the pace and efficiency of the energy transition process.