POLSKIE GÓRNICTWO NAFTOWE I GAZOWNICTWO SA Execution of a significant agreement between PGNiG SA and PGNiG ObrótDetaliczny Sp. z o.o.

The Management Board of Polskie Górnictwo Naftowe i Gazownictwo SA("PGNiG", the "Company") announces that on December 1st 2014 PGNiG and PGNiG Obrót Detaliczny Sp. z o.o. of Warsaw ("PGNiG OD") executed a contract for the supply of nitrogen-rich gas produced from domestic sources (the "Supply Contract"). Accordingly, the total value of agreements executed between PGNiG and PGNiG OD in the last 12 months meets the criterion of a significant agreement.

The total value of agreements executed between PGNiG and PGNiG OD in thelast 12 months is PLN 4.6bn.

The highest-value agreement is the Supply Contract of December 1st 2014,concluded for an unlimited period from January 1st 2015, whose value is estimated at PLN 2.6bn. The buyer is obliged to take delivery of the minimum quantity of natural gas specified in the contract or, failing to do so, to pay for the difference between that minimum quantity and the volume actually taken (take-or-pay clause).

The estimated aggregate value of the agreements executed between PGNiGand PGNiG OD over a period of 12 months has exceeded 10% of the PGNiG Group's total revenue for the last four financial quarters, of PLN 31.94bn.

More information on page: biznes.pap.pl

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