News Summary: Poland to press on with shale gas

Poland to have law on shale gas production this year, clearing way for industry

Associated Press

ENERGY RUSH: Poland will likely adopt a much-awaited law to regulate shale gas production this year, opening the way for the potentially lucrative sector to kick into gear.

THE DEVIL: A preliminary draft of the new law, which was demanded by the European Union, calls for a combination of taxes totaling about 40 percent on financial gains made by shale gas producers. But companies say it's the details in the new law that matter. Without its finalization, they cannot plan ahead.

HIS OWN POLAND: The government hopes shale gas will boost the economy, reduce dependence on Russian gas imports and cut energy prices. The State Geological Institute estimates Poland's shale gas deposits may secure production for at least 25 years.

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