ORLEN Lietuva has signed the agreement for sales of diesel with Gunvor SA

No. 18/ 2014  | 17-01-2014


Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN") announces that on 17 January 2014 AB ORLEN Lietuva ("ORLEN Lietuva"), PKN ORLEN's subsidiary, signed one-year agreement with Gunvor SA, company belonging to the Gunvor group. The agreement was signed for the sales by ORLEN Lietuva of diesel to Gunvor SA for the period between 1 January 2014 to 31 December 2014. The total estimated net value of the agreement amounts to USD 1 024 m (i.e. approximately PLN 3 133 m, based on the average PLN/USD exchange rate as of 17 January 2014, as stated by the National Bank of Poland).

The total estimated value of agreements signed between PKN ORLEN and PKN ORLEN subsidiaries ("ORLEN Capital Group") and companies from Gunvor group in the period between 28 August 2013 and 17 January 2014 amounts to approximately PLN 3 389 million. The agreements between ORLEN Capital Group and companies from the Gunvor group were concluded for the sales of products and purchase crude oil.

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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