No. 50/2018  |  27-04-2018

Annex to PKN ORLEN agreement with Saudi Aramco for crude oil deliveries

The Management Board of PKN ORLEN S.A. ("PKN ORLEN S.A.") informs that on 27 April 2018 it decided to sign an annex to the agreement concluded on 6 May 2016 (“Annex”) with Saudi Aramco, headquartered in Dhahran, Saudi Arabia. According to the Annex Saudi Aramco will supply ORLEN Capital Group refineries with Arabian Extra Light crude oil in the amount of approximately 100 thousand tonnes per month. PKN ORLEN has the right to decide on the destination refinery within the refineries of ORLEN Capital Group for each delivery. Price of crude oil to be delivered will be calculated as per standard market practice. The agreement was signed for the period from 1 May 2018 to 31 December 2018 and it will be automatically extended yearly for the following contract year unless it is terminated in line with the provisions of the agreement.

See also: regulatory announcement no 107/2016 as of 6 May 2016.