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The State Treasury is the dominant shareholder in PGE Polska Grupa Energetyczna S.A. and as a result in accordance with IAS 24 Related Party Disclosures, State Treasury companies are treated as related parties. PGE Group entities identify in detail transactions with approximately 40 of the biggest State Treasury subsidiaries.
The total value of transactions with such entities is presented in the table below.
| Year ended December 31, 2019 |
Year ended December 31, 2018 |
|
| Sales to related parties | 2,016 | 2,114 |
| Purchases from related parties | 5,585 | 4,702 |
| As at December 31, 2019 |
As at December 31, 2018 |
|
| Trade receivables from related parties | 266 | 230 |
| Trade liabilities to related parties | 612 | 682 |
The largest transactions with companies in which the State Treasury holds a stake concern transactions with Polskie Sieci Elektroenergetyczne S.A., Polskie Górnictwo Naftowe i Gazownictwo S.A., Jastrzębska Spółka Węglowa S.A., PKP Cargo S.A., PKO Bank Polski S.A., Grupa LOTOS S.A., Zakłady Azotowe PUŁAWY S.A., PKN Orlen S.A., TAURON Dystrybucja S.A., Bank Gospodarstwa Krajowego.
Moreover, PGE Group enters into significant transactions in the energy market via Towarowa Giełda Energii S.A. (Polish Power Exchange). Due to the fact that this entity deals only with the organisation of trading, any purchases and sales made through this entity are not recognised as transactions with related parties.
