PKN ORLEN signs an annex to a long-term crude oil supply contract with Rosneft Oil Company
The agreement, with an estimated maximum value in current market conditions of around PLN 26bn, provides for the supply of between 18 million to 25.2 million tonnes of crude oil.
Deliveries will be made from February 1st 2016 to January 31st 2019 to the Płock plant. PKN ORLEN will also have an option to receive some of the deliveries via the Naftoport terminal in Gdańsk or the Būtingė terminal in Lithuania. Previously PKN ORLEN had a contract for the supply of approximately 18 million tonnes of crude oil, with deliveries scheduled between February 1st 2013 and January 31st 2016. Apart from commercial considerations, this continued cooperation with Rosneft Oil Company, which builds on the Company’s first on record long-term crude oil supply contract signed directly with the producer, guarantees long-term supply stability.
In addition to the annex, PKN ORLEN is party to a supply contract with Tatneft Europe AG, the trading arm of the oil producer Tatneft, valid until December 31st 2018. The adopted supply structure will enable the Company to respond to shifts in the oil market and provide it with an option to secure supplies from alternative sources.