PKN ORLEN has signed an agreement with Star Oil FZE for crude oil deliveries to Unipetrol RPA

abarrelfull wrote on 22 Jun 2011 07:37
Tags: czech pkn refinery unipetrol

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Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN") informs that on 20 June 2011 it signed a spot agreement with Star Oil FZE, United Arab Emirates („Star Oil”), for REBCO crude oil deliveries by "Druzhba" pipeline to Unipetrol RPA, s.r.o. (“Unipetrol RPA”) in July 2011. The estimated net value of the agreement amounts to approximately USD 85 million (i.e. approximately PLN 239 million, based on the average PLN/USD exchange rate as of 20 June 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 Star Oil in the period from 20 August 2010 to 20 June 2011 amounts to approximately USD 748 million (i.e. approximately PLN 2,13 billion, 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 21 April 2011 is the agreement with the highest amount from among all agreements concluded between PKN ORLEN and Star Oil FZE in the period from 20 August 2010 to 20 June 2011. The estimated value of the agreement amounts to approximately USD 123 million (i.e. approximately PLN 335 million, based on the average PLN/USD exchange rate as of 21 April 2011, as stated by the National Bank of Poland). The agreement was concluded for REBCO crude oil deliveries to Unipetrol RPA in May 2011.

• PKN ORLEN has signed an agreement with Star Oil FZE for crude oil deliveries to Unipetrol RPA

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