WARSAW, March 19 (Xinhua) -- Polish Oil and Gas Mining (PGNiG) corporation posted a PLN 2.23 billion net profit in 2012, the company management reported on Tuesday.
According to local media reports, PGNiG got PLN 2.23 billion net profit in 2012 compared to PLN 1.75 billion in 2011.
PGNiG sales reached PLN 28.7 billion in 2012 and operating costs amounted to PLN 26.1 billion. The 2011 figures were PLN 23 billion and PLN 21.1 billion.
The operating profit grew by PLN 524 million, because of gas contract re-negotiation with Russian Gazprom in 2012.
PGNiG has planed PLN 2.4 billion for exploration and extraction activities in 2013.
Between 2011 and 2020, the company will spend some PLN 49 billion on investments.
Polish Petroleum and Gas Mining (PGNiG) is one of the largest companies in Poland. PGNiG is a Polish state-controlled oil and natural gas company, which deals with the exploration and production of natural gas and crude oil, natural gas import, storage and distribution and sales of natural gas and crude oil. (1 PLN=0.32 U.S. dollar)