IVL Sees No Impact on Its Operations in Poland after Russia’s Gas Delivery Halt

Indorama Ventures Public Company Limited (SET: IVL) affirmed on Thursday that its operations are unaffected by the cut of Russian gas supplies to Poland. The company said that its energy suppliers in Poland have reassured it that they are well prepared and confirmed the un-interrupted gas supplies to its sites. 

IVL further stated that Poland operations constituted only 2% of the company’s core EBITDA in 2021.

Russia has cut off natural gas supplies to Poland and Bulgaria since Wednesday (27 April) amid payment dispute in rubles. 

Gazprom, Russia’s state-owned energy company, said in a statement Wednesday that it has completely halted supplies to Poland’s PGNiG and Bulgaria’s Bulgargaz after they refused to pay in rubles rather than euros or dollars as Moscow demanded.

This move posed a major standoff escalation between Moscow and Europe over energy supply and the war in Ukraine.