PKN ORLEN has signed an agreement with Glencore Energy UK Ltd. for crude oil deliveries to ORLEN Lietuva

abarrelfull wrote on 13 Jul 2011 05:45
Tags: lithuania pkn-orlen refinery

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Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN") informs that on 12 July 2011 it signed a spot agreement with Glencore Energy UK Ltd., London, United Kingdom („Glencore”), for crude oil deliveries to AB ORLEN Lietuva (“ORLEN Lietuva”). The estimated net value of the agreement amounts to approximately USD 82 million (i.e. approximately PLN 238 million, based on the average PLN/USD exchange rate as of 12 July 2011, as stated by the National Bank of Poland).

The total estimated value of agreements signed between PKN ORLEN and Glencore in the period between 24 December 2010 to 12 July 2011 amounts to approximately USD 740 million (i.e. approximately PLN 2 082 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 20 April 2011 is the agreement with the highest amount from among all agreements concluded between PKN ORLEN and Glencore in the period between 24 December 2010 to 12 July 2011. The estimated value of the agreement amounts to approximately USD 90 million (i.e. approximately PLN 245 million, based on the average PLN/USD exchange rate as of 20 April 2011, as stated by the National Bank of Poland). The agreement was concluded for crude oil deliveries to Unipetrol RPA, s.r.o. (“Unipetrol RPA”).

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

• PKN ORLEN has signed an agreement with Glencore Energy UK Ltd. for crude oil deliveries to ORLEN Lietuva

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