No. 107/2016 | 06-05-2016
PKN ORLEN has signed an agreement with Saudi Aramco for crude oil deliveries
Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN") informs that on 6 May 2016 it signed an agreement (“Agreement”) with Saudi Aramco, headquartered in Dhahran, Saudi Arabia (“Agreement”). According to the Agreement Saudi Aramco will supply ORLEN Capital Group refineries with crude oil in the amount of approximately 200 thousand tonnes per month. PKN ORLEN has the right to decide on the destination refinery within the refineries of ORLEN Capital Group for each delivery. Price of crude oil to be delivered , as per standard market practice, will be calculated with use of BWAVE and Official Selling Price to be advised in due course by the supplier. The agreement was signed for the period from 1 May 2016 to 31 December 2016 and it will be automatically extended yearly for the following contract year unless it is terminated in line with the provisions of the Agreement.
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 Agreement is a “significant agreement” due to the fact that its value, as calculated on the basis of today’s market price, exceeds 10% of PKN ORLEN’s equity.