Crude supplies to PKN ORLEN secured
PKN ORLEN is continuously monitoring how the situation at Yukos might affect the security of crude supplies to its refinery. On 19 January 2005 PKN ORLEN received a letter from the Swiss-based Petroval, which notified of a halt to crude supplies contracted with PKN ORLEN as of 21 December 2002.
According to the notice submitted by Petroval, the situation results from Yukos’ inability to deliver crude oil and qualifies as a Force Majeure event . It is currently impossible to assess how long this situation will persist.
The Management Board of PKN ORLEN declares that the above described situation does not impede supply crude oil continuity thanks to previously undertaken contingencies. Crude oil deliveries are expected to be executed according to plan, thanks to term and supplementary crude oil delivery spot contracts.
At the same time, PKN ORLEN would like to confirm that it will utilize all legal measures against Petroval and Yukos to execute its contractual rights.
