No. 53/2018 | 11-05-2018
Signing a non-disclosure agreement concerning the intent to start the works and analysis on potential transaction on certain logistic assets of PKN ORLEN S.A.
The Management Board of PKN ORLEN S.A. (“PKN ORLEN”, “Issuer”) informs that on 11 May 2018 there has been signed a non-disclosure agreement between: PKN ORLEN, PERN S.A. („PERN”), Operator Gazociągów Przesyłowych GAZ-SYSTEM S.A. („GAZ-SYSTEM”), Inowrocławskie Kopalnie Soli SOLINO S.A. („IKS SOLINO”) and Kopalnia Soli Lubień Sp. z o.o. („KS Lubień”). The agreement defines the conditions of disclosing information in connection with the intent to cooperate in potential sales transaction of the part of PKN ORLEN logistic assets and shares of IKS SOLINO and KS Lubień held by the Issuer as well as in connection with the intent to set the cooperation on further use of abovementioned assets by PKN ORLEN and companies from ORLEN Group in case of their disposal to the benefit of PERN and GAZ-SYSTEM (“Transaction”).
The Issuer informs that the Transaction model, the schedule and detailed rules of its finalization require detailed analysis that will be now prepared. Finalization of the Transaction will be possible, among others, after receiving appropriate corporate approvals and approvals of the appropriate administration authorities, if such approvals will be required.
According to the assumptions of the parties of the agreement, the Transaction is aimed at creating a business partnership in transmission and storage infrastructure and in cavern projects that are realized, including energy safety of the State and realization of the “Polish Government Policy on logistic infrastructure in oil and gas sector” targets, described by the Polish Government in the resolution no 182/2017 as of 28 November 2017.
The Issuer indicates that the agreement is not a binding commitment to execution of the Transaction. The Issuer will inform about next steps connected with further Transaction process in separate regulatory announcements.