PGNiG will join the Skanled group building a gas pipeline linking Norway, Sweden and Denmark, Parkiet reported, citing unidentified sources. Polskie Gornictwo will spend less than 1 billion zloty ($353 million) on the investment through 2009, the newspaper reported. Our view: We are not fans of pipeline construction projects returns on this project are very unclear. Since we do not calculate with additional CAPEX on this project, the official decision to participate in the pipeline construction might prompt us to adjust the earnings estimates.