POLSKI KONCERN NAFTOWY ORLEN SA conclusion of agreements for building and service of power plant in Plock

Conclusion of agreements for building and service of power plant in Plock

Regulatory announcement no 287/2014 dated 2 December 2014Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN") hereby informs that on 2 December 2014 it signed, with consortium of companies: Siemens AG and Siemens Spolka z o.o. ("Consortium of companies") the agreement for building "in turn key" formula ("Agreement for building") a cogeneration CCGT at production plant in Plock ("Power plant"). PKN ORLEN Supervisory Board gave consent for conclusion of this agreement on 25 November 2014. The estimated net value of the Agreement for building amounts to ca. PLN 1,3 bn. The budget for project of building a Power plant, estimated at ca. PLN 1,65 bn, apart from the Agreement for building, includes infrastructure as well as project and media service during start-up.Simultaneously with signing of the Agreement for building PKN ORLEN has signed with Consortium of companies the agreement for service of the main CCGT machines ("Agreement for service"). The Agreement for service will be valid for 12 years from the start-up of Power plant. The estimated net value of the Agreement for service during its entire term will amount to ca. PLN 0,3 bn.The maximum level of contractual penalties amounts to 25% of the value of the Agreement for building. Payment of contractual penalties excludes the right to seek compensation for damages in excess of such contractual penalties.See also: regulatory announcement no 281/2014 dated 26 November 2014.

More information on page: biznes.pap.pl

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