In the period from May 9th 2011 to May 9th 2012, Grupa LOTOS executed contracts with Chevron Group companies for an aggregate value of approximately PLN 683m, i.e. the value of a significant agreement (more than 10% of the equity of Grupa LOTOS).
On May 9th 2012, Grupa LOTOS and Chevron Products U.K. of London signed a contract for the supply of heavy sulphur fuel oil to Grupa LOTOS. The contract was executed for a definite period (from March 1st 2012 to August 31st 2012), and is the highest value contract from among the contracts with Statoil Group companies). The estimated value of the contract of May 9th 2012 is PLN 200m.
The contract does not include any condition precedent or specify any date of events giving rise to a claim (dies a quo), nor does it provide for any contractual penalties. The other terms and conditions of the contract do not differ from the terms and conditions commonly applied in agreements of such type.
The legal basis for the publication of this Current Report is Par. 5.1.3 of the Minister of Finance’s Regulation on current and periodic information to be published by issuers of securities and conditions for recognition as equivalent of information whose disclosure is required under the laws of a non-member state, dated February 19th 2009.