ORLEN Lietuva has signed the agreement for sales of high-sulfur fuel oil with VITOL S.A.

No. 33/ 2014  | 28-01-2014


Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN") announces that on 28 January 2014 AB ORLEN Lietuva ("ORLEN Lietuva"), PKN ORLEN's subsidiary, signed one-year agreement with VITOL S.A., company belonging to the group of Vitol Holding B.V. ("Vitol Holding"). The agreement was signed for the sales by ORLEN Lietuva of high-sulfur fuel oil (HSFO) to VITOL S.A. for the period between 1 January 2014 and 31 December 2014. The total estimated net value of the agreement amounts to USD 954 m (i.e. approximately PLN 2 922 m, based on the average PLN/USD exchange rate as of 28 January 2014, as stated by the National Bank of Poland).

The total estimated value of agreements signed between PKN ORLEN and PKN ORLEN subsidiaries ("ORLEN Capital Group") and companies from Vitol Holding group in the period between 13 December 2013 and 28 January 2014 amounts to approximately PLN 4 783 million. The agreements between ORLEN Capital Group and companies from the Vitol Holding group were concluded for the sales of products as well as purchase of crude oil and gas.

In accordance with the "Regulation of the Minister of Finance dated 19 February 2009 on current and periodic information to be published by issuers of securities and on the conditions under which such information may be recognized as being equivalent to information required by the regulations of law of a state which is not a member state" the abovementioned agreements constitute a "significant agreement" due to the fact that their value exceeds 10% of PKN ORLEN's equity.

PKN ORLEN owns 100% shares in ORLEN Lietuva.

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