PKN ORLEN has signed an agreement with Gunvor International B.V. Amsterdam for crude oil deliveries to Mazeikiu Nafta

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN") informs that on 28 July 2009 it signed a spot agreement with Gunvor International B.V. Amsterdam, Geneva Branch („Gunvor International B.V. Amsterdam”), for REBCO crude oil deliveries by sea to AB Mazeikiu Nafta (“Mazeikiu Nafta”) in August 2009. The estimated net value of the agreement amounts to approximately USD 45.5 million (i.e. approximately PLN 133 million, based on the average PLN/USD exchange rate as of 28 July 2009, as stated by the National Bank of Poland).

The total estimated value of agreements signed between PKN ORLEN and Gunvor International B.V. Amsterdam in the period between 26 May 2009 to 28 July 2009 amounts to approximately USD 463.71 million (i.e. approximately PLN 1 459 million, based on the average PLN/USD exchange rates as of the dates of signing the agreements, as stated by the National Bank of Poland).

Agreement dated 6 July 2009 is the agreement with the highest amount from among all agreements concluded between PKN ORLEN and Gunvor International B.V. Amsterdam during the period between 26 May 2009 to 28 July 2009. The estimated value of the agreement amounts to approximately USD 49.28 million (i.e. approximately PLN 155 million, based on the average PLN/USD exchange rate as of 6 July 2009, as stated by the National Bank of Poland). The agreement was concluded for REBCO crude oil deliveries to Mazeikiu Nafta in July 2009.

In accordance with the “Regulation of the Minister of Finance dated 19 February 2009 on current and periodic information to be published by issuers of securities and on the conditions under which such information may be recognized as being equivalent to information required by the regulations of law of a state which is not a member state” the abovementioned agreements constitute a “significant agreement” due to the fact that their total value exceeds 10% of PKN ORLEN’s equity.

PKN ORLEN S.A. owns 100% of Mazeikiu Nafta shares.

See also regulatory announcement 71/2009 dated 27 May 2009.