PKN ORLEN has signed an agreement with Glencore Energy UK Ltd. for crude oil deliveries to Unipetrol RPA

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN") informs that on 23 December 2010 it signed a spot agreement with Glencore Energy UK Ltd., London, United Kingdom („Glencore”), for crude oil deliveries to Unipetrol RPA s.r.o. (“Unipetrol RPA”). The estimated net value of the agreement amounts to approximately USD 39 million (i.e. approximately PLN 119 million, based on the average PLN/USD exchange rate as of 23 December 2010, 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 Glencore in the period between 27 March 2010 to 23 December 2010 amounts to approximately USD 614 million (i.e. approximately PLN 1 885 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 29 November 2010 is the agreement with the highest amount from among all agreements concluded between PKN ORLEN and Glencore in the period between 27 March 2010 to 23 December 2010. The estimated value of the agreement amounts to approximately USD 61 million (i.e. approximately PLN 185 million, based on the average PLN/USD exchange rate as of 29 November 2010, as stated by the National Bank of Poland). The agreement was concluded for crude oil deliveries to Unipetrol RPA.

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.

See also: regulatory announcement no 54/2010 dated 26 March 2010.