| Disclosure of delayed inside information regarding consent of the PKN ORLEN Management and Supervisory Boards for conclusion of Processing and Off-take Agreements with LOTOS SPV 1 and Rafineria Gdańska Regulatory announcement no 85/2022 dated 30 November 2022
PKN ORLEN S.A. (“Company”) discloses the following inside information, publication of which was delayed:
-on 23 November 2022:
“PKN ORLEN S.A. (“PKN ORLEN”, „Company”) informs that on 23 November 2022 the Company’s Management Board has agreed to conclude Processing Agreement and Off-take Agreement with LOTOS SPV 1 and Rafineria Gdańska (“Agreements”), which will be concluded as part of the execution of remedies that the Company is obliged to implement in accordance with the conditional consent of the European Commission as of July 14th 2020 on concentration of taking control by PKN ORLEN over Grupa LOTOS S.A.
The Agreements will define the terms of cooperation between the Company, LOTOS SPV 1 and Rafineria Gdańska regarding the production at the processing refinery in Gdańsk (“Processing Agreement”) and the sale of products manufactured at the processing refinery in Gdańsk (“Off-take Agreement”), operated by Rafineria Gdańska, which will be effective from of the date of sale of 30% of shares in this company to LOTOS SPV 1, in which 100% of shares will be acquired by Aramco Overseas Company B.V. based in The Hague.
The above Company’s Management Board decision requires the consent of the Company’s Supervisory Board, for which the Management Board applied today.”
-on 28 November 2022:
“PKN ORLEN S.A. (“PKN ORLEN”, „Company”) informs that on 28 November 2022 the Company’s Supervisory Board has agreed to conclude Processing Agreement and Off-take Agreement with LOTOS SPV 1 and Rafineria Gdańska (“Agreements”), which will be concluded as part of the execution of remedies that the Company is obliged to implement in accordance with the conditional consent of the European Commission as of July 14th 2020 on concentration of taking control by PKN ORLEN over Grupa LOTOS S.A.
The Agreements will define the terms of cooperation between the Company, LOTOS SPV 1 and Rafineria Gdańska regarding the production at the processing refinery in Gdańsk (“Processing Agreement”) and the sale of products manufactured at the processing refinery in Gdańsk (“Off-take Agreement”), operated by Rafineria Gdańska, which will be effective from the date of sale of 30% of shares in this company to LOTOS SPV 1, in which 100% of shares will be acquired by Aramco Overseas Company B.V. based in The Hague.”
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