PKN ORLEN withdraws from a binding offer for SNP Petrom
Polski Koncern Naftowy ORLEN S.A. (“PKN ORLEN”) Central Europe’s largest downstream oil company hereby announces that it has withdrawn from submitting a binding expression of interest to the Romanian Ministry of Economy and Commerce in respect of the purchase of a 51% stake in SNP Petrom S.A., Romania’s largest oil company.
PKN ORLEN is currently involved in a number of M&A processes in the oil and gas sector in Central Europe. PKN ORLEN has requested the Romanian Government to extend the deadline of the submission of the binding offer due to the need to conduct further, in-depth analysis, with respect to the impact of these processes on PKN ORLEN’s participation in the privatization of SNP Petrom. The Romanian Government decided not to extend the current deadline of 15 April 2004, PKN ORLEN continues to be interested in the Romanian market and would consider participating in any future privatization of SNP PETROM., should it not be sold in this tender.
(see also regulatory announcements from 21 November 2003 and from 19 September 2003 published in investor relations section)
