The agreement for keeping of crude oil obligatory inventories has expired 

No. 23 / 2012   | 31-01-2012

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN") informs that on 31 January 2012 the agreement for gathering and keeping of crude oil obligatory inventories ("Agreement"), concluded on 23 December 2010 between PKN ORLEN and Maury Sp. z o.o., headquartered in Warsaw ("Maury"), expires.

Due to the abovementioned and realization of the Act of 16 February 2007 on stocks of crude oil, petroleum products and natural gas, the principles of proceeding in circumstances of a threat to the fuel security of the State and disruption on the petroleum  market (Journal of Laws no. 52, item 343 as amended) PKN ORLEN will purchase crude oil owned by Maury. The value of transaction will amount to ca. USD 374 m (i.e. PLN 1 198  m, based on the average USD/PLN exchange rate as of 31 January 2012, as stated by the National Bank of Poland). The crude oil price was established according to market quotations.

Transfer of payment by PKN ORLEN and transfer of crude oil ownership to PKN ORLEN will be made on 31 January 2012.

On the day of conclusion of the Agreement, PKN ORLEN hedged purchase price of crude oil with futures contract. Through the settlement of the hedging transaction purchase price of crude oil will be reduced by ca. USD 63  m (i.e. PLN 202  m, based on the average USD/PLN exchange rate as of 31 January 2012, as stated by the National Bank of Poland). As a result of these operations PKN ORLEN will recognize in the first quarter 2012 purchase of crude oil in the amount  of ca. USD 311 m  (i.e. PLN 996 m, based on the average USD/PLN exchange rate as of 31 January 2012, as stated by the National Bank of Poland).

Additionally within the period of the agreement of gathering and keeping of crude oil obligatory inventories Maury made payments to PKN ORLEN for guaranteeing of inventories storage.

All amounts presented in the announcement do not include VAT.

Maury is a SPV which in its statutory activities includes turnover of crude oil. Maury is 100% controlled by RBS Polish Financial Advisory Services Sp. z o.o., which is a subsidiary of Royal Bank of Scotland N.V.

See also: regulatory announcement no 214/2010 dated 23 December 2010.

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