Conclusion of the next annex to the agreement between Rafineria Trzebinia and PGNiG

abarrelfullabarrelfull wrote on 20 Dec 2012 18:05
Tags: europe pgnig pkn poland refinery

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Polski Koncern Naftowy ORLEN S.A. (“PKN ORLEN”) announces that on 19 December 2012 Rafineria Trzebinia S.A. (“Rafineria Trzebinia”) and Polskie Gornictwo Naftowe i Gazownictwo S.A. („PGNiG”) signed the next annex (“Annex”) to the agreement dated 15 May 2008 for crude oil deliveries from PGNiG to Rafineria Trzebinia (“Agreement”).

The Annex provides an increase of crude oil volumes deliveries to Rafineria Trzebinia as well as change of the previous formula, based on which the price of crude oil is calculated. The estimated net value of the Agreement for the period of 5 years, after signing of today Annex, amounts to approximately PLN 4,9 bn. The Annex will be valid from 1 January 2013 and maintains the Agreement to be valid for indefinite period.

The Agreement refers to sales and rail delivery of crude oil to Rafineria Trzebinia. The price of crude oil will be based on Brent Dated quotation.

PKN ORLEN owns 86,346% of Rafineria Trzebinia shares.

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 agreement constitutes a “significant agreement” due to the fact that its value exceeds 10% of PKN ORLEN’s equity.

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