PGNiG Deputy CEO Mr Niedbalec said on Friday that the new strategy will be announced in December-January only instead of the originally planned late November. Regarding the upstream strategy, however, he revealed that PGNiG still considers the cooperation with PKN Orlen and also plans to form JVs with other European players and local partners. The company plans to focus on North Africa, Kazakhstan, Uzbekistan and also monitors business opportunities in Algeria. Ongoing tenders in Egypt and Lybia will be decided in 1H07.
Our view: The delay in revealing the new strategy indicates to us that the company wants to come up with something punchy, probably focusing on the upstream business. Would it be the case, market reaction could be positive, especially if the new strategy can be considered as highly reasonable.