Polski Koncern Naftowy ORLEN S.A. (PKN ORLEN) has signed a spot agreement with Souz Petrolium S.A., Geneva, Switzerland (Souz Petrolium), for REBCO crude oil deliveries by “Przyjazn” pipeline to PKN ORLEN in September 2011. The estimated net value of the agreement amounts to USD 120 million (i.e. approximately PLN 390 million, based on the average PLN/USD exchange rate as of 28 September 2011, as stated by the National Bank of Poland).

The total estimated value of agreements signed between PKN ORLEN and Souz Petrolium during the last 12 months amounts to approximately USD 735 million (i.e. approximately PLN 2173 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 4 August 2011 is the agreement with the highest amount from among all agreements concluded between PKN ORLEN and Souz Petrolium during the last 12 months. The estimated value of the agreement amounts to approximately USD 128 million (i.e. approximately PLN 361 million, based on the average PLN/USD exchange rate as of 4 August 2011, as stated by the National Bank of Poland). The agreement was concluded for crude oil deliveries to PKN ORLEN.

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.

Tags: Polski Koncern Naftowy ORLEN S.A.