PKN ORLEN has signed an agreement with Gunvor S.A. for crude oil deliveries to ORLEN Lietuva 

No. 24 / 2012   | 31-01-2012


Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN") informs that on 31 January 2012 it signed a spot agreement with Gunvor S.A. ("Gunvor"), for crude oil deliveries to AB ORLEN Lietuva ("ORLEN Lietuva"). The estimated net value of the agreement amounts to approximately USD 80 million (i.e. approximately PLN 257 million, based on the average PLN/USD exchange rate as of 31 December 2012, as stated by the National Bank of Poland).

The total estimated value of agreements signed between PKN ORLEN and Gunvor in the period between 22 March 2011 to 31 January 2012 amounts to approximately USD 730 million (i.e. approximately PLN 2 249 million, based on the average PLN/USD exchange rates as of the dates of signing the agreements, as stated by the National Bank of Poland).

Agreement dated 21 September 2011 is the agreement with the highest amount from among all agreements concluded between PKN ORLEN and Gunvor in the period from 22 March 2011 to 31 January 2012. The estimated value of the agreement amounts to approximately USD 84 million (i.e. approximately PLN 268 million, based on the average PLN/USD exchange rate as of 21 September 2011, as stated by the National Bank of Poland). The agreement was concluded for crude oil deliveries to ORLEN Lietuva.

PKN ORLEN S.A. owns 100% of ORLEN Lietuva shares.

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 total value exceeds 10% of PKN ORLEN's equity.

See also regulatory announcement 47/2011 dated 21 March 2011.

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