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Agreements between ORLEN Capital Group and Vitol group
03-03-2015


Polski Koncern Naftowy ORLEN S.A. (“PKN ORLEN”) hereby informs that on 2 March 2015 it signed a spot agreement with Vitol S.A., Geneva, Switzerland, company belonging to the Vitol group, for crude oil deliveries to AB ORLEN Lietuva („ORLEN Lietuva”).

The total estimated value of agreements signed between PKN ORLEN and PKN ORLEN subsidiaries (“ORLEN Capital Group”) and companies from the Vitol group in the period from 23 December 2014 to 3 March 2015 amounts to approximately PLN 1 665 million. The agreements between ORLEN Capital Group and companies from the Vitol group were concluded for the sales and purchase of products and purchase of crude oil.

Agreement dated 27 January 2015 is the agreement with the highest value from among all agreements concluded between ORLEN Capital Group and Vitol group in the period from 23 December 2014 to 3 March 2015. The estimated value of the agreement amounts to approximately USD 62 million (i.e. approximately PLN 232 million, based on the average PLN/USD exchange rate as of 27 January 2015, as stated by the National Bank of Poland). The agreement was signed between ORLEN Lietuva and Vitol S.A. for sales of FSFO in the period from 1 January 2015 to 31 March 2015. 

PKN ORLEN owns 100% of the registered capital of AB ORLEN Lietuva.

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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