PKN ORLEN has signed an agreement with Gunvor S.A. for crude oil deliveries

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN") informs that on 31 August 2012 it signed a spot agreement with Gunvor S.A. („Gunvor”), for crude oil deliveries to PKN ORLEN. The estimated net value of the agreement amounts to approximately USD 81 million (i.e. approximately PLN 270 million, based on the average PLN/USD exchange rate as of 31 August 2012, as stated by the National Bank of Poland).

The total estimated value of agreements signed between PKN ORLEN and Gunvor in the period between 1 February 2012 to 31 August 2012 amounts to approximately USD 715 million (i.e. approximately PLN 2 362 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 4 April 2012 is the agreement with the highest amount from among all agreements concluded between PKN ORLEN and Gunvor in the period from 1 February 2012 to 31 August 2012. The estimated value of the agreement amounts to approximately USD 88 million (i.e. approximately PLN 278 million, based on the average PLN/USD exchange rate as of 4 April 2012, as stated by the National Bank of Poland). The agreement was concluded for crude oil deliveries to AB ORLEN Lietuva.

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.

See also regulatory announcement 24/2012 dated 31 January 2012.