PGNiG agreed on Wednesday to take a 15% stake in the Gassco consortium that will build the SKANLED gas pipeline from Norway to Sweden and Denmark. PGNiG spokesman said the company expects its investment at about 500 million zlotys (some US$ 180m). The construction of the Skanled pipeline is scheduled to begin in October 2009 and the first gas deliveries could come by mid-2011. Our view: PGNiG's participation in the project was known on the market, however, its stake not. With its 15% stake PGNiG becomes second largest shareholder in the 10 company consortium and will have the right to 15% of the transmission capacities. This can potentially reach 1-2 bcm a year, some 10-20% of the expected total natural gas import of Poland by the time the pipelines goes on stream. We see no major market reaction on the news. The fact that PGNiG invested into a big international pipeline project lowers the risk of potential overpayment and we also welcome the investment from strategic perspective: supply diversification is also the interest of PGNiG not just the Polish state.