Norton Rose Fulbright’s Warsaw office advised a consortium of ten banks on PLN 5.5 billion (US$ 1.4 billion) financing for Operator Gazociągów Przesyłowych Gaz-System S.A. – Poland’s designated natural gas transmission system operator.
Alior Bank S.A., Bank Gospodarstwa Krajowego, Bank Millennium S.A., Bank of China (Luxembourg) S.A. Oddział w Polsce, BNP Paribas Bank Polska S.A., CaixaBank, S.A. (Spółka Akcyjna) Oddzial w Polsce, China Construction Bank (Europe) S.A. (Spółka Akcyjna) Oddział w Polsce, Credit Agricole Bank Polska S.A., mBank S.A. and Powszechna Kasa Oszczędności Bank Polski S.A. comprised the consortium.
The financing will be used by GAZ-SYSTEM to implement its 2020-2025 investment strategy, including as a stable source of funding for projects, including the Baltic Pipe and the expansion of the LNG terminal in Świnoujście.
Norton Rose Fulbright’s team was led by counsel Jacek Smardzewski and supervised by partner Grzegorz Dyczkowski, who heads the Warsaw banking and finance team.
A company of strategic importance to the Polish economy, GAZ-SYSTEM is responsible for the transmission of natural gas and management of the country’s most important gas pipelines. It is carrying out one of Poland’s most significant infrastructural projects – the Baltic Pipe, consisting in the construction of a two-way offshore gas pipeline connecting Denmark with Poland and the expansion of local transmission infrastructure. GAZ-SYSTEM is also the owner of Polskie LNG – the operator of the LNG terminal in Świnoujście.