European Investment Bank Supports Extension of Polish GTN

The European Investment Bank supports the extension of Poland’s gas transmission network, lending PLN 410 million (EUR 98 million) to Gaz-System S.A. The long-term financing scheme is designed to push forward the pipeline project from Lwówek to Odolanów in Western Poland. 

The loan covers 82% of the total approved budget. 

‘This project, with total approved financing of PLN 500 million (EUR 120 million), will reinforce the EU North-South gas corridor and the connection to alternative sources of gas supply,’ reads a note released by the European Investment Bank on Tuesday. 

According to the European body, the pipeline will allow increased gas volumes flows in the country, connecting the LNG terminal in Świnoujście to the borders with the Czech Republic, Slovakia and Ukraine. 

“Together with other projects previously financed by the Bank in Poland, this marks an important step towards better security of the energy supply in Europe. At the same time, this loan confirms the contribution of the EIB to the modernisation of the Polish energy sector, necessary for the successful economic development of the country,” László Baranyay, EIB Vice-President responsible for lending in Poland, commented.