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

abarrelfull wrote on 27 Jun 2011 08:43
Tags: lithuania pkn-orlen refinery

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Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN") informs that on 24 June 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 82 million (i.e. approximately PLN 230 million, based on the average PLN/USD exchange rate as of 24 June 2011, as stated by the National Bank of Poland).

The total estimated value of agreements signed between PKN ORLEN and STASCO in the period from 27 April 2011 to 24 June 2011 amounts to approximately USD 841 million (i.e. approximately PLN 2 287 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 4 May 2011 is the agreement with the highest amount from among all agreements concluded between PKN ORLEN and STASCO in the period from 27 April 2011 to 24 June 2011. The estimated value of the agreement amounts to approximately USD 87 million (i.e. approximately PLN 231 million, based on the average PLN/USD exchange rate as of 4 May 2011, 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.

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

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