PKN ORLEN has signed the agreement with Glencore Energy UK Ltd for delivery of crude oil

abarrelfullabarrelfull wrote on 23 Nov 2011 12:01
Tags: glencore pkn-orlen poland trading

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Polski Koncern Naftowy ORLEN S.A. (“PKN ORLEN”) hereby informs that on 22 November 2011 it signed spot agreement with Glencore Energy UK Ltd, London, United Kingdom („Glencore”) for delivery of crude oil to Unipetrol RPA, s.r.o. The estimated net value of the agreement amounts to approximately USD 83 million (i.e. approximately PLN 271 million, based on the average PLN/USD exchange rate as of 22 November 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 13 July 2011 and 22 November 2011 amounts to approximately USD 737 million (i.e. approximately PLN 2 245 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 25 July 2011 is the agreement with the highest amount from among all agreements concluded between PKN ORLEN and Glencore in the period between 13 July 2011 and 22 November 2011. The estimated value of the agreement amounts to approximately USD 85 million (i.e. approximately PLN 238 million, based on the average PLN/USD exchange rate as of 25 July 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 is a company, in which 100% of shares is held by Unipetrol a.s. PKN ORLEN owns ca. 63% share in Unipetrol a.s.

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.

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