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To: Dennis Roth who wrote (176146)

5/20/2013 10:35:01 AM

From: Dennis Roth

1 Recommendation Read Replies (1) | Respond to of 206345

Poland's lack of consistent law, planned high taxes discourage shale gas
Bogdan Turek in Warsaw
May 20, 2013 bne.eu

...The paper disclosed that a confidential meeting of 130 businessmen was held in Warsaw on March 8 with Wozniak on the issue of tax rates on Polish shale gas. "It was a declaration of war on North America (business)," the paper cited one of the participants as saying about Wozniak's speech to the meeting. "Wozniak said that US equipment is not proper for gas prospecting in Poland."

Wozniak has not commented on the report by Rzeczpospolita.

"The people in charge of the power sector are promoting the idea that it should be fully owned by the Polish government," said another participant quoted by the paper, who asked for anonymity.

The issue of taxes, which was discussed at the March meeting in Warsaw, remains a contentious issue. Many experts have criticized a draft hydrocarbons law that proposes a tax of less than 40% of gross profits as insufficient, pointing out that Norway set its tax at a level of 70%. However, others say that investors will have to spend more money for drilling in Poland, where geological conditions are difficult. "A tax of 40% is too high and it should be around 20% or less," former Minister of Economy Waldemar Pawlak said. "We have not even started shale gas production yet and we are arguing about taxes..."