Third LNG Terminal Advances, Poised to Make Poland a Regional Gas Hub

Poland is bolstering its energy security and regional influence with the advancement of its third liquefied natural gas (LNG) terminal in Gdansk. A significant agreement has been signed by transmission system operator Gaz-System and major energy firms Orlen, Unimot, PGE, and Enea. These companies have reserved capacity in the planned floating storage and regasification unit (FSRU 2), marking the first time multiple entities have collectively secured LNG receiving capacity in Poland.

This new terminal will stand alongside the second, already under construction, effectively doubling the regasification capacity from floating terminals from 6 to 12 billion cubic meters (bcm) of gas annually. Crucially, the development of FSRU 2 is remarkably cost-effective, estimated at under 10% of the cost of the first unit, due to the existing infrastructure. While FSRU 1 is projected to cost around 4.5 billion PLN, FSRU 2's cost is expected not to exceed 400 million PLN.

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This doubling of regasification capacity from floating terminals from 6 to 12 billion cubic meters of gas is happening for less than 10% of the cost of the first unit, which is due to the fact that the infrastructure will already be in place as part of the construction of the first floating LNG terminal.

Gaz-System President Sławomir Hinc confirmed that FSRU 1 is on schedule to arrive in Gdansk in the fourth quarter of 2027, with both the maritime and land-based components of the project slated for completion in 2029. This timeline means regasification at the third terminal could commence in early 2030. The combined capacity of Poland's LNG terminals will exceed 20 bcm per year, potentially accommodating over 200 LNG carrier arrivals annually.

The market's demand for capacity has exceeded the initial offering. Gaz-System initially planned for 4.5 bcm of regasification but has increased this to 6.1 bcm per year for FSRU 2 due to high interest. In total, 47 slots per year have been contracted for 2030-2039 and 35 for 2040-2044. With the increased capacity, FSRU 2 now offers 58 slots, bringing the total reservation level to 74% over the service period. Discussions are ongoing for the remaining slots, with potential interest from companies in Hungary.

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These investments, both in the maritime and land-based parts, will be completed in 2029, which means that at the beginning of 2030, we will start regasification in the third LNG terminal.