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79-720: PGNiG was one of the largest companies in Poland, the largest Polish oil and gas exploration and production company and was listed on the Warsaw Stock Exchange . PGNiG was established as a state-owned enterprise on September 1, 1982. The company was a successor of the Union of Oil and Gas Mining, which was created by a merger of the Polish Union of Gas Industry and the Oil Industry Union in 1976. In 1996,

158-592: A biomethane plant. To secure supplies, the company Biozec, responsible for the sale and distribution of thermal energy supplied by the biogas plant, was also acquired. In 2021, Orlen bought 4 wind farms: in February, the Kanin farm with a capacity of 20 MW, and in March, another three with a total capacity of 89.4 MW. On 14 July 2020, PKN Orlen announced its intention to take over PGNiG , and on 10 May 2021, it submitted

237-745: A consolidated tape for the European Union , as part of the Capital Markets Union proposed by the European Commission . Warsaw became the capital and financial center of Poland in the early 17th century. In the Middle Ages other Polish towns, most of them members of the Hanseatic League , were the leading economic centers of Poland. Merchants from western and southern Europe settled in Poland since

316-628: A $ 650 million deal. The deal includes all of Ineos' oil and gas business in production, licenses, fields, facilities and pipelines of Ineos on the Norwegian continental shelf. In 2021, PGNiG was ranked no. 58 in the Arctic Environmental Responsibility Index (AERI) that covers 120 oil, gas, and mining companies involved in resource extraction north of the Arctic Circle. In September 2022, PGNiG signed

395-518: A Communist to a market economy . Since then the WSE has been developing and growing rapidly and is now perceived as well established on the European market. In September 2008 the stock exchange was recognized as an "Advanced Emerging" exchange by FTSE, alongside markets from such countries as South Korea or Taiwan . On 29 September 2017, the index provider FTSE Russell has announced the results of

474-673: A Polish multinational oil refiner , petrol retailer and natural gas trader headquartered in Płock , Poland. The company's subsidiaries include the main oil and gas companies of the Czech Republic and Lithuania, Unipetrol and Orlen Lietuva , respectively. The corporation is a significant European publicly traded firm with operations in Poland as well as Austria , Canada , Czech Republic , Germany , Hungary , Latvia , Lithuania , Norway , Pakistan , and Slovakia . As of November 2024,

553-652: A competition law when BP took over Aral AG . As of 2007 Orlen has 581 filling stations in Germany (484 under the Star brand, 58 under the Orlen brand and 29 under a supermarket brand). In January 2003, PKN Orlen and MOL signed a Memorandum of Understanding whereby they agreed intention to initiate co-operation in the Central and Eastern European oil sector. They hoped that the collaboration would allow them both to benefit from

632-598: A further price review request on 28 October 2021. PGNiG stated the recent extraordinary increases in natural gas prices "provides a basis for renegotiating the price terms on which we purchase gas under the Yamal Contract." In the light of the 2022 Russian invasion of Ukraine , gas supply from Russia became even more difficult. According to PGNiG, the Russian energy firm Gazprom had told it on April 26, 2022, all gas deliveries to Poland would be halted from 08:00 CET

711-567: A gas storage agreement with Ukraine's Ukrtransgaz, which was extended in 2018. By April 2022, PGNiG had ordered seven LNG carriers. In June 2018, PGNiG signed an agreement with Port Arthur LNG to supply Poland with LNG from the Port Arthur facility in Jefferson County , Texas , United States . In November 2018, PGNiG signed a long-term contract with Cheniere Marketing International. It secures liquefied natural gas supplies from

790-535: A joint-venture with Pakistan Petroleum (30%). In the same year the company set up another joint-venture with German Verbundnetz Gas . In 2006, the company first began plans for the Świnoujście LNG terminal (Polskie LNG terminal). In 2007 and following years, PGNiG and Gazprom had various heated exchanges about pipeline operator EuRoPol Gaz , a Polish-Russian joint venture that operates the Yamal pipeline , after Gazprom had demanded an increase in shareholder rights. In

869-424: A major deal to buy natural gas from Equinor , which was considered one of the major energy companies. Under the agreement, PGNiG will receive 2.4 billion cubic meters of gas per year for 10 years, as the gas will pass through the new Baltic pipeline project. This step comes in an attempt by the government to replace Russian gas and diversify gas supplies in the country. In October 2022, Shareholders of PGNiG approved

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948-517: A regional giant, and controlled much of Central Europe's oil industry. However, the planned merger failed due to high politicization. Following the dropped merger plans, PKN Orlen bought a majority stake in Czech Unipetrol . During May 2006, the company announced its largest investment ever when it took over a majority share of 84.3% of the largest company of Lithuania, Mažeikių Nafta . It was partly bought from Yukos (53.7%) and partly from

1027-863: A takeover application to the Office of Competition and Consumer Protection . In October 2022, shareholders of PGNiG approved the company's takeover by PKN Orlen, this came after PKN Orlen Shareholders had done the same. In 2020, the company announced its plans to become emission-neutral by 2050 becoming the first oil company from Central Europe to do so. In order to achieve this goal, by 2030, Orlen aims to reduce CO 2 emissions from its current refining and petrochemical assets by 20% and emissions from power generation by 33% CO 2 /MWh. In June 2021, PKN Orlen opened its first Orlen w ruchu standalone convenience store in Warsaw, competing in this segment with Carrefour Express , Circle K and Żabka . In September 2021,

1106-516: A total of 213 production licences in Poland, produced 787,000 tonnes of oil and 3,839 mcm of high-methane and nitrogen-rich gas. Outside of Poland, PGNiG reported a total production of 698 mcm in combined gas and 470,000 tonnes of crude oil. The company was also engaged in exploration activities in Pakistan, and minor activities in Libya and Iran. PGNiG's trade and storage operations are in charge of

1185-878: Is 6.82%. The last listing with dividend rights took place on September 18, 2024, and the dividend payment date was set for December 20, 2024 PKN Orlen has sponsored the Polish Athletic Association , the Polish Volleyball Association , the Polish Olympic and Paralympic Committees, and various Polish motorsport competitors such as Bartosz Zmarzlik , Jakub Przygoński , Bartek Marszałek, Grupa Żelazny and Wojtek Bógdał. In 2019 , PKN Orlen sponsored Williams Racing and driver Robert Kubica in Formula One with €10 million. After Kubica's move to Alfa Romeo Racing in

1264-577: Is located at ul. Książęca 4 in the Śródmieście District of Warsaw in the Exchange Center Building (Polish: Centrum Giełdowe ) opened in 2000. As of September 2024, there are 410 companies, including 42 foreign ones, quoted on the stock exchange whose market capitalization amounts to PLN 1.50 trillion (EUR 349.31 billion), making it the largest stock exchange in Central and Eastern Europe . The most important stock market indices of

1343-483: Is supposed to connect companies seeking capital with investors on the private market thanks to the technology used as the foundation of Bitcoin and other cryptocurrencies ". In 2020, the WSE achieved a significant success when it comes to the gaming market , as it had more gaming companies listed than the Tokyo Stock Exchange and became a global leader of the gaming stock sector. On 28 June 2022,

1422-493: Is the largest company in Central and Eastern Europe and is listed in global rankings such as Fortune Global 500 , Platts TOP250 and Thomson Reuters TOP100. PKN Orlen was created in 1999 after the Council of Ministers of Poland in the previous year decided to partially privatise and merge two state-run petrochemical firms: Centrala Produktów Naftowych , Communist Poland 's petroleum retail monopoly, and Petrochemia Płock ,

1501-704: The Baltic Sea . [REDACTED] Media related to PGNiG at Wikimedia Commons Warsaw Stock Exchange The Warsaw Stock Exchange ( WSE ) ( Polish : Giełda Papierów Wartościowych w Warszawie (GPW) ) is a stock exchange in Warsaw , Poland . Founded in 1817, it was located in the Saxon Palace until 1877 when it was moved to the Exchange Building at the Saxon Garden . Currently, it

1580-474: The Baltic Sea . The joint project between Orlen and Northland Power is aimed at achieving the company's goal of generating 9 GW of renewable energy capacity by 2030. The Baltic Power farm, located about 23 km off the coast, will consist of 76 wind turbines with a capacity of 15 MW each, providing energy to over 1.5 million households upon completion in 2026. In December 2023, the Polish government approved

1659-564: The European Commission approved the takeover by Orlen Group of the consumer retail division of the Austrian oil trading company Doppler-Gruppe  [ de ] , which operates 266 filling stations in Austria under the Turmöl  [ de ] discount brand. In August 2023, the company's supervisory board conditionally approved an investment in an off-shore wind farm located on

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1738-453: The European Commission 's for the takeover of Grupa Lotos , first announced in 2018. On 1 August 2022, Orlen finalised the merger with Lotos. In November 2020, PKN Orlen purchased 65% of the shares of the financially troubled newsagents chain Ruch SA . On 7 December 2020 Orlen signed an agreement to acquire 100% of shares in the media and press company " Polska Press sp. z o.o. " and

1817-599: The Parkiet daily and the Institute of Accountancy and Taxes, named PGNiG one of the 28 most transparent companies in Poland. In 2019, the PGNiG Annual Report received the award for “The Best Annual Report” in the category “Enterprises” from the Institute of Accounting and Taxes (IRiP). Some scientists and local fishermen have raised concerns about the potential effect of LNG infrastructure on marine life in

1896-605: The United States of America . In December 2018, PGNiG won an exploration licence for blocks in the Emirate of Ras Al Khaimah , United Arab Emirates (UAE). For organizational and nonadministrative purposes, the company will establish a local office in the emirate. In June 2019, PGNiG agreed with its US counterpart Venture Global for an annual increment of 1.5 million metric tons from the Plaquemines terminal. Thus,

1975-603: The 15th and 16th century and was based on privileges by the Masovian Dukes and later Polish Kings . The original privileges are lost, but they have been mentioned and affirmed by King John II Casimir in 1658. An archetype of the Warsaw Exchange was first mentioned in 1624–1625. In 1643 Adam Zarzebski, the chief architect of King Władysław IV , mentioned a stone building on the Old Market Square as

2054-545: The Benzina brand. At the end of 2020, 20 Orlen stations were operating in Slovakia. At the end of 2019, PKN Orlen and PZU established the "Sigma Bis" media agency . PKN Orlen has been implementing a development strategy since 2018, which involves transforming the company into a multi-energy and commercial group. In April 2020, Orlen acquired 80% of Energa shares, and on 14 July 2020 announced that it obtained permission

2133-634: The British BP PLC. It was the first step in Wrobel's strategy of expanding west. At this time PKN Orlen was Poland's largest company, with sales of $ 7.2 billion. After losses in 2000 and 2001 the fund returned 25% in 2002. Until July 2003, it grew by nearly one-third since March and in total the fund was up by about 60% since the start of 1994. In 2003, PKN Orlen acquired 500 filling stations in Northern Germany from BP under premise of

2212-813: The Duchy of Warsaw adopted the Napoleonic code including the Code de Commerce . The Code de Commerce also regulated stock exchange law and there were efforts made to establish a state-organized exchange on the basis of this code in Warsaw. However, due to the Napoleonic Wars and the Congress of Vienna , the plans had to be postponed. The first state-organized exchange in Poland, the Warsaw Mercantile Exchange (Giełda Kupiecka w Warszawie),

2291-607: The EU. In 2012, Poland granted 111 shale-gas exploration licenses. In 2011, PGNiG was excluded from developing a gas field in Iran. In 2012, Polish chemical company Tarnow announced to partner with PGNiG in building a 130 megawatts gas-fuelled heat and power plant. At the end of 2012, one of the main investment projects for the development of natural gas and crude oil fields in the Lubiatów-Międzychód-Grotów region (LMG project)

2370-648: The Lithuanian government (30.6%) in December. Earlier on 12 October a fire damaged the Mažeikių refinery, which caused a loss about $ 75 million. With the completion of the takeover, PKN Orlen became Central Europe's largest company. In May 2007, after Lithuania sold its refinery to PKN Orlen, the Russian government approved the construction of a new $ 2 billion pipeline, that passes Belarus and Lithuania. In 2007,

2449-482: The PNGiG consortium into one company, under the name Polska Spółka Gazownictwa, was completed. In December 2013, PGNiG announced a cooperation with Chevron in order to scale-up their shale-gas operations faster. On August 1, 2014, PGNiG OBRÓT DETALICZNY was separated from the current structure of PGNiG SA. Its establishment was dictated by legal conditions and the need to prepare for the upcoming full liberalisation of

Polskie Górnictwo Naftowe i Gazownictwo - Misplaced Pages Continue

2528-466: The Polish capital market. The Warsaw Money Exchange had more than 150 participants, 25 brokers, and more than 130 issuers. Its yearly turnover amounted to 1 billion PLZ. A new stock exchange law was passed in 1921 and again in 1926 and 1935. The Polish exchanges were subject to the world crises of 1929, but they recovered in the second half of the 1930s until the Second World War. In 1939 Poland

2607-743: The Rules of the Stock Exchange Court. The WSE is a joint stock company founded by the State Treasury . The Treasury holds 35% share in capital. The following instruments are traded on the WSE: shares , bonds , subscription rights , allotments , and derivatives such as futures , options , and index participation units. Since its inception, the WSE has engaged in electronic trading. The WARSET trading platform has been in use from November 2000 to April 2013; it has been superseded by

2686-618: The UTP platform, based on the NYSE Euronext platform formerly having the same name. An additional market called NewConnect was introduced on 30 August 2007. The exchange has pre-market sessions from 08:00am to 09:00am, normal trading sessions from 09:00am to 04:50pm and post-market sessions from 04:50pm to 05:00pm on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance. The highest authority of

2765-800: The Warsaw Stock Exchange acquired 65.03% of shares in the Armenia Securities Exchange (AMX) in Yerevan , which had been approved by the Central Bank of Armenia . The legal framework for exchange operations is provided by three acts from 29 July 2005: Additionally, the WSE is governed by the Code of Commercial Companies of 2000, the Statutes of the Warsaw Stock Exchange, the Rules of the Warsaw Stock Exchange, and

2844-606: The Warsaw Stock Exchange are WIG20 , WIG30 , MWIG40 and SWIG80. Trading at Warsaw runs from 08:30 to 17:00 with closing auction from 17:00-17:05. The WSE is a member of the Federation of European Securities Exchanges. On 17 December 2013, the WSE also joined the United Nations Sustainable Stock Exchanges (SSE) initiative . On 23 August 2023, the company formed EuroCTP as a joint venture with 13 other bourses, in an effort to provide

2923-502: The Warsaw Stock Exchange is the General Meeting of Shareholders of the WSE. All Stock Exchange shareholders have the right to participate in the general meeting. The Exchange Supervisory Board supervises the activities of the Exchange. It consists of 5 to 7 members. The Exchange Supervisory Board meets at least once a quarter. The term of office of its members is joint and lasts three years. The Exchange Management Board manages

3002-488: The Western European gas market price, backdated to 1 November 2014 when PGNiG requested a price review under the contract. Gazprom had to refund about $ 1.5 billion to PGNiG. The 1996 Yamal pipeline related contract is for up to 10.2 billion cubic metres of gas per year until it expires at the end of 2022, with a minimum annual amount of 8.7 billion cubic metres. Following the 2021 global energy crisis , PGNiG made

3081-409: The annual classification of markets. Polish market has been upgraded from Emerging Market to Developed Market status. In 2019, the Warsaw Stock Exchange announced plans to launch a private market based on a blockchain . Michał Piątek, the WSE's director responsible for the development of new businesses said that: "the planned WSE Private Market will be based on the blockchain technology. The platform

3160-764: The beginning of Polish statehood. They brought the system of organized exchange trading in securities, mostly bills and currencies, to Poland. The oldest Polish bill was issued in 1243 by the Cuyavien bishop Sambor. The main centers of securities tradings were at the lower Vistula , in the 14th century occupied by the Teutonic Knights . The first mercantile exchanges emerged in Gdańsk (1379), Toruń (1385), Malbork (14th century), Kraków (1405), Poznań (1429), Zamość (1590), Królewiec (1613) and Elbląg (1744). Early mercantile trade in securities emerged in Warsaw in

3239-414: The building of the Financial Commission and Confraternity Harmonia in 1876, before in 1877 the Warsaw Mercantile Exchange moved into its own building at the Saxon Garden . The Warsaw Mercantile Exchange grew rapidly. The number of brokers doubled between 1817 and 1822. In the first half of the 19th century mainly bills, debentures and bonds were traded, while share trading on a broader scale developed in

Polskie Górnictwo Naftowe i Gazownictwo - Misplaced Pages Continue

3318-481: The company entered the parcel locker sector with the launch of Orlen Paczka in co-operation with Poczta Polska . In December 2022, PKN Orlen entered the Hungarian market with the takeover of 143 petrol stations from Hungary's MOL in a deal related to the acquisition of 410 petrol stations in Poland by MOL under an agreement between Orlen and Grupa Lotos . The sale was the result of the European Commission requiring PKN Orlen to divest its assets in order to approve

3397-425: The company started large-scale exploration for possible shale-gas reserves in Poland. The first shale gas was produced from a well in northern Poland within the same year, and commercial production levels were expected to be reached by 2014. In discussions about the impact of shale-gas extraction ( fracking ), PGNiG officials stated, that regulation should happen on national levels and not be decided by institutions like

3476-412: The company was transformed into a joint-stock company, owned by the state treasury. In 2004, PGNiG Przesyl Sp. z.o.o. (today OGP GAZ-SYSTEM S.A.) was established and became the first step in transforming the company's ownership structure. In 2005, PGNiG was listed on the Warsaw Stock Exchange . In 2005, PGNiG signed a three-year contract with the government of Pakistan to explore in the Kirthar region, in

3555-508: The company's acquisition of Grupa Lotos in accordance with EU competition law . In March 2023, PKN Orlen began to sponsor the Stadion im. Kazimierza Górskiego , located opposite the Orlen Arena in Płock. In the same month, Ukrainian oil company Ukrnafta signed a contract with PKN Orlen to allow the latter to export petrochemical products to Ukraine. On 3 July 2023, the company changed its name from PKN Orlen to Orlen S.A., to reflect its diversification from fossil fuels. In September 2023,

3634-442: The company's international natural gas trading business. The company operates seven underground gas storage facilities in Poland, that are located in Brzeźnica, Husów, Mogilno, Strachocina, Swarzów, Wierzchowice and Kosakowo. As of May 2022, Poland has 34 TWh of gas storage, of which 96% is used. Since 2017, PGNiG also operates storage facilities in Ukraine, partnering with the local gas transmission operator Ukrtransgaz. In 2017,

3713-548: The company's takeover by PKN Orlen, this came after PKN Orlen Shareholders done the same. As part of Polish plan to become fully energy independent from Russia within the next few years, Piotr Wozniak, president of the company, stated in February 2019: "The strategy of the company is just to forget about Eastern suppliers and especially about Gazprom ." In 2020, the Arbitration Institute of the Stockholm Chamber of Commerce ruled that PGNiG's long-term contract gas price with Gazprom linked to oil prices should be changed to approximate

3792-401: The construction of 24 new small modular reactor (SMR) units in six sites across the country. Orlen Synthos Green Energy (OSGE), a joint venture between Orlen and chemicals company Synthos, plans to deploy Poland's first small reactors by 2030. Orlen will pay a dividend for 2023 in the amount of PLN 4.15 per share. The total value of the dividend is PLN 4,817,909.5 thousand. The dividend yield

3871-431: The country was handled by two main branches of the company - in Zielona Góra and in Sanok. The Zielona Góra Branch produces nitrogenous natural gas in 27 mines (17 gas and 10 oil-gas mines), while the high-methane gas was produced by the Sanok Branch and extracted in 47 mines (25 gas and 22 oil-gas mines). The produced nitrogen-rich gas was further processed into high-methane gas at the denitrification plant in Odolanów and at

3950-429: The day-to-day operations of the Exchange, admits securities to exchange trading, defines the rules for introducing securities to trading, supervises the activities of exchange brokers and exchange members in the field of exchange trading. The Exchange Management Board consists of 3 to 5 members. The work of the management board is managed by the President of the management board appointed by the General Meeting. Currently,

4029-407: The first LNG delivery from the United States, which became the first LNG cargo shipment from the US Europe. In March of the same year, Polish energy firms PGNiG, PGE and Energa announced a total investment of $ 127 million into Poland's coal mining firm PGG. More than half of the investment came from PGNiG. The three companies had become PGG investors in the previous year. In 2017, PGNiG first signed

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4108-408: The following year, Polish oil refiner Lotos and PGNiG signed a deal to jointly explore for Norwegian offshore oil. Following the Russia–Ukraine gas dispute in 2009, Poland and PGNiG began construction of the President Lech Kaczyński LNG Terminal. In 2011, PGNiG purchased 99.8% of Vattenfall Heat Poland's assets for PLN 2.96bn, becoming the owner of Elektrociepłownia Warszawskie. In the same year,

4187-611: The gas market in Poland. As a result of the change, all retail customer service in the field of natural gas and electricity sales were transferred to the new company. Following these steps in deregulation of the Polish energy market, PGNiG was one of the first companies to directly trade on the nation's gas exchange. In 2014, as part of the Russo-Ukrainian War , PGNiG reported a reduction of gas deliveries from Russia by 45%. As part of this reduction, PGNiG had to temporarily cut their gas exports to Ukraine. In 2015, PGNiG expanded their cooperation with PKN , jointly exploring for oil and gas in

4266-416: The increase of costs for gas imports from Russia in 2012, the company announced a two-year plan to reduce costs and sell non-essential company assets, while also preparing for two subsidiary IPO's in 2013. The company also ended pricing negotiations with Gazprom in November 2012, agreeing to change a pricing-formula from contracts signed in 1996. In September 2013, the consolidation of all gas companies within

4345-482: The largest shareholder of the company is the Polish state (via the State Treasury) with 49.9% of the shares, ahead of Nationale-Nederlanden OFE with 5.2% of the shares. The company is listed on the Warsaw Stock Exchange and, as of 2022, its reported revenue constituted over PLN 278 billion (ca. US$ 62 billion). It employs over 64,000 people, owns more than 3,400 service stations in seven countries and markets its products to over 100 countries worldwide. Orlen

4424-542: The management board. The other members are Jarosław Wróbel, vice president of the board, Przemysław Wacławski, vice president finance, Arkadiusz Sekściński, vice president development, Robert Perkowski, vice-president operational and Magdalena Zegarska, vice-president. Violetta Jaśkowiak serves as an authorized executive manager (procurator). The supervisory board has eight members and was led by chairman Bartłomiej Nowak and vice-chairman Piotr Sprzączak. As of September 2019, PGNiG's shareholder structure is: PGNiG operates along

4503-406: The modern political history of Poland . The scandal was unearthed with the arrest on 7 February 2002 by the UOP (Office for State Protection) of Andrzej Modrzejewski, then CEO of PKN Orlen. He was accused of insider trading and disclosure of confidential information. Zbigniew Wrobel directly succeeded as CEO and proposed in December 2002 $ 160 million for the purchase of 295 German gas stations from

4582-405: The most advanced and the second largest complex for terephthalic acid production in Europe. PKN Orlen also sponsors the Orlen Arena in Płock since its opening in 2010. In 2013, PKN Orlen and Klaipedos Nafta oil terminal negotiated the co-operation on a new pipeline supported by the Lithuanian government. In order to establish the company in Canada and to become an oil producer Orlen bought

4661-497: The newly built denitrification plant near Grodzisk Wielkopolski. PGNiG has international operations in different countries. It has been active in the Middle East and Asia since the 1980s. In October 2018, PGNiG was one of several companies to not extend operations in Iran, following the reinstatement of U.S. sanctions. PGNiG was the only producer of Helium in Central Europe. PGNiG's Exploration and Production segment reported an operating profit of PLN 2,805m for 2017. The company held

4740-447: The next day. Gazprom stated that the suspension under new rules announced a month before, which mean "unfriendly" countries must pay for gas in rubles . PGNiG has always refused to do this. At this time, PGNiG relied on Gazprom for the majority of its gas imports and bought 53% of its imports from Russia in the first quarter of 2022. In May 2022, Russia issued sanctions against EuRoPol Gaz, Gazprom Germania and other gas companies. PGNiG

4819-490: The oil and gas company TriOil Resources Ltd for $ 169 million in September 2013. After its first foreign expansion the company acquired Birchill Exploration Ltd due to double its production in May 2014. PKN Orlen, under a joint venture with the Dutch -American firm LyondellBasell , also owns Poland's largest plastics company called Basell Orlen Polyolefins Sp. z o.o . In 2019, PKN Orlen opened its first petrol station in Slovakia through its Czech subsidiary Unipetrol under

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4898-404: The president of the WSE is Tomasz Bardziłowski. The capitalisation of 432 domestic companies listed on the Main Market was PLN 645.0 billion (EUR 152.6 billion) at the end of June 2017. The total capitalisation of 483 domestic and foreign companies listed on the GPW Main Market was PLN 1,316.5 billion (EUR 311.5 billion) at the end of June 2017. Total value of trade in equities on the Main Market

4977-459: The seat of the Exchange, probably a part of the Old Town Hall. The securities trading minutes of the Warsaw merchants in the Old Town Hall have been recorded since 1757. The legal framework for the trading in securities was first codified by the Polish Sejm in 1775. As one of the first Polish corporations Kompania Manufaktur Welnianych issued its first 120 shares in 1768. The first Polish bonds were issued in 1782 by King Stanisław August . In 1808,

5056-477: The second half of that century. The first public security to be traded on the Warsaw Mercantile Exchange was the debentures of Towarzystwo Kredytowe Ziemskie issued in 1826. The first shares admitted to trading were issued by railroad companies in the 1840s. Until 1853 trading sessions were twice a week between 1pm and 2pm. In 1873 a new, more liberal, stock exchange act was passed, separating the trade in securities and commodities. A separate Warsaw Commodities Exchange

5135-536: The south-east of Poland. In June 2016, the President Lech Kaczyński LNG Terminal received the first commercial cargo of liquefied natural gas under a commercial contract between PGNiG SA and Qatar 's LNG producer QatarEnergy LNG . Another LNG cargo was delivered from Norway's Statoil, totaling around 140,000 tons. In 2017, Qatargas signed a new LNG Sale and Purchase Agreement (SPA) with PGNiG, agreeing to deliver two million tonnes per annum (MTPA), starting on 1 January 2018 (until June 2034). The company also announced

5214-426: The state firm in charge of the oil refineries in Płock , the largest complex of its kind in Poland. After said merger, the company was renamed Polski Koncern Naftowy (PKN), with Orlen added several months later as the consortium's brand name. The new name is derived from Orl- for "orzeł" (Polish: eagle) and its adjective "orli", and -en for "energia" (Polish: energy). Orlengate is the biggest corruption scandal in

5293-429: The synergies and to compete more effectively in the global competition. In July 2003, the Croatian INA refinery was sold for $ 505 million to PKN Orlen's competitor, the Hungarian oil company MOL. This strengthen MOL's position in the battle for control of Central Europeans and Balkan fuel markets. Furthermore, PKN Orlen was involved in merger talks with the MOL Group in 2005. If merged, the two firms would have created

5372-404: The trading, and there were 112 buy and sell orders, with a turnover of only 1,990 złotys ($ 2,000). In the years 1991–2000, the stock exchange was in the building which during the previous, and then recent, Communist years had been the seat of the Central Committee of the ruling Polish United Workers' Party . This can be considered an interesting reflection on the rapid transition of Poland from

5451-500: The transaction was carried out on 1 March 2021. This decision was met with criticism from Polish Ombudsman , Adam Bodnar , who expressed his concern about the risk to freedom of speech that this takeover poses as PKN Orlen is a state-owned company and the constitutional right to press freedom excludes the possibility of political influence on the press, even an indirect one. In December 2020, PKN Orlen bought an agricultural biogas plant Bioenergy Project, which it will transform into

5530-453: The unit of Polish oil group PKN Orlen PKNA.WA and Dwory Chemicals bought a synthetic rubber company Kaucuk from Czech oil group Unipetrol UNPEsp.PR . The sale was part of a drive by Unipetrol to divest non-core assets and to focus on petrochemical , oil refinery and fuel retailing business. In 2010, PKN Orlen had a reported revenue of $ 28.8 billion. Next year it was the largest fuel retailer in Poland with over 2000 locations. The company ran

5609-494: The volume of liquefied gas from the Plaquemines terminal will increase from 1.5 to 2.5 million tons per year. In July 2019, PGNiG Upstream Norway , a subsidiary of the PGNiG bought 20% of the Duva field from Wellesley Petroleum. On 14 July 2020, PKN Orlen announced its intention to take over PGNiG, and on 10 May 2021, it submitted a takeover application to the Office of Competition and Consumer Protection. In September 2021, PGNiG bought Ineos ' oil and gas business in Norway in

5688-433: The whole value-chain of oil and gas, including exploration and development, upstream production, transportation and downstream processing and delivery of the refined products to private and corporate customers. It 2008, the company supplied gas to 6.5 million customers. The largest of them were combined heat and power plants, steel mills and nitrogen plants. The production and extraction of natural gas and crude oil throughout

5767-400: Was PLN 30.3 billion There are fifteen indices on the WSE. 52°13′49″N 21°01′24″E  /  52.23028°N 21.02333°E  / 52.23028; 21.02333 PKN Orlen Orlen S.A. (formerly Polish : Polski Koncern Naftowy Orlen Spółka Akcyjna, PKN Orlen SA. , lit.   'Polish Oil Concern Orlen Public Corporation'), commonly known as Orlen , is

5846-553: Was based in Królewska Street. The Warsaw Money Exchange (Giełda Pieniężna w Warszawie) was reopened after World War I in 1919 and again in 1921. Between 1919 and 1939, the Warsaw Money Exchange was by far the largest of several bourses in different Polish cities ( Katowice , Kraków , Lwów , Łódź , Poznań and Wilno ), and accounted for 95% of the volume and 65 to 85% of the transactions traded on

5925-405: Was completed. Test production had started in early August. The newly erected facilities and 14 wells were expected to produce around 100 million cubic metres of natural gas and 300,000 tonnes of crude oil, and together with another Norwegian project, doubled PGNiG's total oil production levels. Poland and PGNiG had been following plans to reduce dependence on Russian gas for several years. Following

6004-435: Was composed of various subsidiaries. As of 2017 the group included 20 direct and 14 indirect subsidiaries in the production, trade  and  service  industries. The group also features a mutual insurance company, PGNiG's chief governing body was the management board, which has five members. The board was led by president Piotr Woźniak. In January 2020, PGNiG appointed Jerzy Kwiecinski as new CEO and president of

6083-561: Was established in Warsaw by a decree of viceregent Grand Duke Constantine Romanov dated 12 May 1817. The first trading took place in the Old Town Hall on 16 May 1817 and moved in the same year to the Saxon Palace as the Old Town Hall was destroyed in the same year. Exchange trading in securities also was held in the trading house Marywil but were moved to the house of building of the Polish Central Bank in 1828 and to

6162-661: Was founded in 1874. Central Europe was subject to a big bull market after the Franco-Prussian War of 1870–1871, followed by a harsh crash starting at the Vienna Stock Exchange in the later 1870s. However, the Warsaw Mercantile Exchange constantly grew until World War I . On August 4, 1914, the Warsaw Stock Exchange was closed and was reactivated only on January 2, 1921. It operated under the name of "The Warsaw Money Exchange" and

6241-559: Was occupied by German and Soviet forces and all Polish stock exchanges were closed. It was only after the end of Communism in Poland in 1989 that the Warsaw Stock Exchange could be reestablished. Much needed experience and financial aid was provided by France (especially the Société des Bourses Françaises). The WSE began activity in its present form on 16 April 1991. On the first trading day only five stocks were listed (Tonsil, Próchnik, Krosno, Kable, and Exbud). Seven brokerages took part in

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