New Management Board in AB Mažeikių Nafta

It is PKN ORLEN ‘s intent that the new Supervisory Board of AB Mažeikių Nafta will appoint to the Management Board six representatives of PKN ORLEN: Igor Chalupec – President & CEO of PKN ORLEN, Piotr Kownacki – Vice President; Audit & Regulations, Jan Maciejewicz – Vice President; Cost Management, Paweł Szymański – Member of the Board & CFO, Krystian Pater – Executive Direcor; Refinery Production, and also Nelson English, present CEO of AB Mažeikių Nafta.

Closure of the AB Mažeikių Nafta transaction

PKN ORLEN S.A. and Yukos International UK B.V. (Yukos) today issued irrevocable orders to a brokerage house in Vilnius to effect the transfer of shares in AB Mažeikių Nafta (MN) owned by Yukos to PKN ORLEN and to execute payment by the Polish corporation of the price for Mazeikiu amounting to $1.492 billion.

Changes in the Supervisory Board of PKN ORLEN

Today’s Extraordinary General Assembly of PKN ORLEN SA appointed new members to the Supervisory Board: Mr. Robert Czapla, Mr. Konstanty Brochwicz - Donimirski Mr. Krzysztof Rajczewski. The new members have been recommended by the State Treasury. The new President of the Board is Mr. Zbigniew Macioszek.

Financing of the AB Mazeikiu Nafta acquisition

Today, 29th November 2006, PKN ORLEN signed the loan agreements which will allow the acquisition of AB Mazeikiu Nafta. The two syndicated loans, for a total value of EUR 1.6bn, are provided by eight Polish and international banks.

New Board Members of Mazeiku Nafta

At its meeting on Friday, 24 November 2006, the Supervisory Board of Mazeiku Nafta appointed Daniel Feldman (Head of Big Sky Energy Corp.), Paul Nelson English (President of Mazeiku Nafta), Dariusz Formela (Executive Director at PKN ORLEN - Organisation) and Krystian Pater (Executive Director at PKN ORLEN – Refining Production). At the same time the Supervisory Board appointed Martin J. Parr as Chairman.

“Best of European Business” for PKN ORLEN

PKN ORLEN was nominated for “Best of European Business” in the Merger & Acquisition (M & A) category of Poland. The ranking is part of an international survey conducted under patronage of CNN.

Statement of the Chairman of the Supervisiory Board of PKN ORLEN SA.

For the last three months there has been a growing conflict between Ministry of the State Treasury and myself concerning the changes at the position of President of the Management Board of PKN ORLEN SA. In my opinion, during the extremely difficult business process of acquiring Mazeikiu Nafta refinery by PKN ORLEN SA, first of all the company needs the stability of management. Acquisition of Mazeikiu Nafta is the first such a transaction in the Polish economy, due to both, its scale and the geopolitical complexity of the process.

PKN ORLEN - Good third quarter results

Despite a macroeconomic downturn, PKN ORLEN reported very good results in Q3 2006, due mainly to excellent retail fuel sales supported by very good and strong results in other segments, including Unipetrol.

EC's clearance for acquisition of Mazeikiu Nafta

European Commission (European Commission Directorate General for Competition) has agreed to the purchase of a controlling stake in AB Mazeikiu Nafta by PKN ORLEN from Yukos International UK. B.V. and Lithuanian Government.