Upstream Call To Reinforce Shale Gas Plans

BMI View: Poland's treasury has called for refiner Grupa Lotos SA to expand its non-refining portfolio, particularly in the upstream segment; this mirrors a trend in the country whereby the government is pushing state-owned firms into the development of its shale gas resources. The move highlights growing state involvement to keep shale gas production on target for a late 2014/early 2015 start, at a time when we have seen some volatility in private interest. However, we note that it also risks squeezing private players out of the market in the long run.

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