The Management Board of Grupa LOTOS S.A. announces that during the 12 months ended August 11th 2016 Grupa LOTOS S.A. entered into contracts with Glencore Energy UK Limited of London for an aggregate amount of approximately PLN 693m, thus exceeding the significant contract value threshold (more than 10% of the equity of Grupa LOTOS S.A.).
On August 11th 2016, Grupa LOTOS S.A. and Glencore Energy UK Limited entered into a fixed term contract for the supply of naphtha to Glencore Energy UK Limited (the highest-value contract from among the contracts mentioned above).
The estimated value of the contract of August 11th 2016 is PLN 214m.
The contract does not include any condition or date precedent or provide for any contractual penalties, and its terms and conditions do not differ from the terms and conditions commonly applied in contracts of this type.
The Company considers the contract and the relationship with Glencore Energy UK Limited significant as they will have an effect the Company’s future business and financial position and its assets in accordance with the adopted reporting standards.
The legal basis for the submission of this current report is Art. 17(1) of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC.