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Koncern Naftowy ORLEN S.A. (“PKN ORLEN”) Central Europe’s largest downstream oil company hereby announces that it has withdrawn from submitting a binding expression of interest to the Romanian Ministry of Economy and Commerce in respect of the purchase of a 51% stake in SNP Petrom S.A.,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.

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Award for Basell Orlen Polyolefins

The award was given for the project financing for the construction of new sites manufacturing polyethylene and polypropylene. The overall size of the project is approximately EUR 500 million. Project Finance magazine awarded Basell Orlen Polyolefins its “European Petrochemical Deal of Year 2003” at an awards ceremony in London.

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PKN ORLEN earns a record profit

In 4Q 2003, PKN ORLEN generated its highest ever net profit of PLN 1,041m, calculated in accordance with International Financial Reporting Standards. PKN ORLEN's cost cutting programme generated PLN 144m of operating cost savings .

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PKN ORLEN begins construction of the PTA Plant

Today in Wloclawek (Poland) the Presidents of PKN ORLEN, Polimex-Mostostal and the City of Wloclawek together with representatives of Mitsubishi Chemical officially commenced the construction of a purified terephthalic acid plant (PTA). The installation, with an annual production capacity of 600,000 tonnes, will be operating on the premises of PKN ORLEN adjacent to ANWIL Wloclawek.

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Annex to the Agreement on the post-war Iraq rebuilding

At PKN ORLEN's Warsaw offices, an annex was signed to the agreement on cooperation concerning post-war rebuilding of Iraq, concluded on April 25th 2003 between Mr Zbigniew Wróbel, President of PKN ORLEN's Executive Board, and Mr Konrad Jaskoła, President of the Executive Board of POLIMEX-CEKOP.

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EGM of PKN ORLEN

The Extraordinary General Meeting of PKN ORLEN SA approved the amendments to the Company's Articles of Association, appointed Supervisory Board members, approved the disposal and lease of assets of the Bitumen Plant and the motion for the sale of two Petroleum Product Plants in Brzeg Dolny and Gliwice.

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