Assent for the acquisition by Basell Europe Holdings of 50% of Poliolefiny Polska

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN"), Central Europe's largest downstream oil company, announces that on 6th February 2003 it received a letter from the Polish Office for the Protection of Competition and Consumers ("UOKiK"), in which UOKiK gives its assent for the acquisition by Basell Europe Holdings B.V. of 50% of Poliolefiny Polska Sp. z o.o., a limited liability company.

According to the earlier announcement on 20 December 2002, Poliolefiny Polska Sp. z o.o. will, in the future, be the vehicle in which the Joint Venture (JV) with Basell Europe Holding B.V will be created.

UOKiK's approval fulfils the conditions outlined in the announcements of 30 September 2002, 24 October 2002 and 15 January 2003 and which are part of the JV Agreement signed on 30 September 2002 between PKN ORLEN S.A. and Basell Europe Holdings B.V.

The transaction is still subject to securing satisfactory financing for the project, whose major part is the construction of the new plants. The financing remains subject to, among others, reaching agreement on contractual terms and conditions for the construction of the new plants.