The Management Board of Grupa LOTOS S.A. reports that on December 22nd 2008, Grupa LOTOS S.A. and Lukoil Polska Sp. z o.o. of Warsaw entered into an agreement on sale of liquid fuels to Lukoil Polska Sp. z o.o.
The agreement, whose estimated value amounts to PLN 675m, will come into force on January 1st 2009 and will remain in force until December 31st 2009.
The estimated maximum value of contractual penalties is PLN 13,5m.
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.
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.