PKN ORLEN has signed an agreement with STASCO for crude oil deliveries to ORLEN Lietuva

abarrelfullabarrelfull wrote on 11 Jan 2011 14:17
Tags: lithuania pkn-orlen refinery shell trading

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Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN") informs that on 10 January 2011 it signed a spot agreement with Shell International Trading and Shipping Company Limited, London, Great Britain („STASCO”), for crude oil deliveries to AB ORLEN Lietuva (“ORLEN Lietuva”). The estimated net value of the agreement amounts to approximately USD 67 million (i.e. approximately PLN 203 million, based on the average PLN/USD exchange rate as of 10 January 2011, as stated by the National Bank of Poland).

The total estimated value of agreements signed between PKN ORLEN and STASCO during the last 12 months amounts to approximately USD 632 million (i.e. approximately PLN 1 994 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).

PKN ORLEN S.A. owns 100% of ORLEN Lietuva 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 agreements constitute a “significant agreement” due to the fact that their total value exceeds 10% of PKN ORLEN’s equity.

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