Agreements between PKN ORLEN and Glencore Energy UK Ltd

abarrelfull wrote on 18 Dec 2012 06:39
Tags: europe glencore lithuania pkn-orlen refinery

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Polski Koncern Naftowy ORLEN S.A. (“PKN ORLEN”) hereby informs that on 17 December 2012 it signed a spot agreement with Glencore Energy UK Ltd, London, United Kingdom („Glencore”) for delivery of crude oil to AB ORLEN Lietuva („ORLEN Lietuva”). The estimated net value of the agreement amounts to approximately USD 78 million (i.e. approximately PLN 243 million, based on the average PLN/USD exchange rate as of 17 December 2012, as stated by the National Bank of Poland).

The total estimated value of agreements signed between PKN ORLEN and Glencore in the period between 4 October 2012 and 17 December 2012 amounts to approximately USD 796 million (i.e. approximately PLN 2 525 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 17 October 2012 is the agreement with the highest amount from among all agreements concluded between PKN ORLEN and Glencore in the period between 4 October 2012 and 17 December 2012. The estimated value of the agreement amounts to approximately USD 81 million (i.e. approximately PLN 254 million, based on the average PLN/USD exchange rate as of 17 October 2012, as stated by the National Bank of Poland). The agreement was concluded for crude oil deliveries to ORLEN Lietuva.

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

• Agreements between PKN ORLEN and Glencore Energy UK Ltd

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