PKN ORLEN has signed an agreement with SOCAR for crude oil deliveries

abarrelfull wrote on 27 Oct 2011 05:52
Tags: czech pkn-orlen refinery socar

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Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN") informs that on 26 October 2011 it signed a spot agreement with Socar Trading S.A., Geneve, Switzerland („SOCAR”) for crude oil deliveries to Unipetrol RPA, s.r.o (“Unipetrol RPA”). The estimated net value of the agreement amounts to USD 67 million (i.e. approximately PLN 211 million, based on the average PLN/USD exchange rate as of 26 October 2011, as stated by the National Bank of Poland).

Unipetrol RPA is a company, in which 100% of shares is held by Unipetrol a.s. PKN ORLEN owns ca. 63% share in Unipetrol a.s.

The total estimated value of agreements signed between PKN ORLEN and SOCAR during the last 12 months amounts to approximately USD 801 million (i.e. approximately PLN 2 341 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 9 June 2011 is the agreement with the highest amount from among all agreements concluded between PKN ORLEN and SOCAR during the last 12 months. The estimated value of the agreement amounts to approximately USD 120 million (i.e. approximately PLN 326 million, based on the average PLN/USD exchange rate as of 9 June 2011, as stated by the National Bank of Poland). The agreement was concluded for crude oil deliveries to Unipetrol RPA

• PKN ORLEN has signed an agreement with SOCAR for crude oil deliveries

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