Letter of intent with Z.A. Pulawy

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN") Central Europe's largest downstream oil company, hereby announces that on December 17, 2003 it signed a Letter of Intent with Zaklady Azotowe Pulawy S.A. (The Pulawy Nitrogen Plant) regarding production and investment alliances in the area of caprolactam production and natural gas deliveries.