POLAND'S largest oil and gas producer, PGNiG, reported a stronger bottom line contribution from its upstream assets in an earnings update, but its trade and storage division ended up in the red. Total revenues for the group rose by 42% to 27.5 billion zloty ($6.6 billion) between January and September this year, compared with the same period of 2020. Net income fell to 3.1 billion zloty against 6 billion zloty last year. The company received a onetime payment of 4.9 billion zloty from Gazprom last year, as a retroactive correction to adjust for lower gas prices. Rising hydrocarbon prices and better performing offshore assets in the North Sea doubled revenues in PGNiG's exploration and development division to more than 7 billion zloty, with a pretax operating profit of 4.5 billion zloty against the loss of 190 million zloty in 2020.
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