POLSKI KONCERN NAFTOWY ORLEN SA Agreements between PKN ORLEN and Glencore Energy UK Ltd

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN") hereby informs that on 7 April 2014 it signed a spot agreement with Glencore Energy UK Ltd, London, United Kingdom ("Glencore") for delivery of crude oil to AB ORLEN Lietuva ("ORLEN Lietuva"). The estimated net value of the agreement amounts to approximately USD 77 million (i.e. approximately PLN 234 million, based on the average PLN/USD exchange rate as of 7 April 2014, as stated by the National Bank of Poland).The total estimated value of agreements signed between PKN ORLEN and Glencore in the period between 1 November 2013 and 7 April 2014 amounts to approximately USD 763 million (i.e. approximately PLN 2 336 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 10 December 2013 is the agreement with the highest amount from among all agreements concluded between PKN ORLEN and Glencore in the period between 1 November 2013 and 7 April 2014. The estimated value of the agreement amounts to approximately USD 80 million (i.e. approximately PLN 242 million, based on the average PLN/USD exchange rate as of 10 December 2013, as stated by the National Bank of Poland). The agreement was concluded for crude oil deliveries to ORLEN Lietuva.PKN ORLEN S.A. owns 100% of ORLEN Lietuva shares.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.

More information on page: biznes.pap.pl

kom espi zdz