The Management Board of Grupa LOTOS S.A. reports that on November 20th 2008, Grupa LOTOS S.A. and Statoil Poland Sp. z o.o. of Warsaw entered into an agreement on sale and of liquid fuels to Statoil Poland Sp. z o.o.
The agreement, whose estimated value amounts to PLN 7m, will come into force on January 1st 2009 and will remain in force until December 31st 2011, with a possibility to prolong until December 31st 2013.
The estimated maximum value of contractual penalties is PLN 140,000 thousand. The agreement does not contain any provisions permitting either party to seek compensation in excess of the contractual penalties.
The other terms and conditions of the agreement do not differ from the terms and conditions commonly applied in agreements of such type.
The agreement is considered significant as its estimated value exceeds 10% of Grupa LOTOS S.A.’s equity.
Concurrently, an Annex was signed today to the agreement between Grupa LOTOS S.A., LOTOS Partner Sp. z o.o. and Statoil Polska Sp. z o.o. of June 30th 2005 (Current Report No. 51/2005 of June 30th 2005), under which the agreement for the sale of liquid fuels to Statoil Poland Sp. z o.o. will be terminated with effect from December 31st 2008.
Legal basis for the publication of this report: Par. 5.1.3 of the Regulation of the Minister of Finance on current and periodic information to be published by issuers of securities, dated October 19th 2005.