On December 21st 2012, Grupa LOTOS and LOTOS Tank executed a contract for the supply of aviation fuel by Grupa LOTOS to LOTOS Tank (a wholly-owned subsidiary of Grupa LOTOS). The contract was executed for an indefinite term. The estimated value of the contract in the period of five years is approximately PLN 2,500m, i.e. the value of a significant agreement (more than 10% of the equity of Grupa LOTOS).
The contract does not include any condition precedent. The contract provides for contractual penalties for failure to meet obligations under orders submitted and accepted. The value of such orders in the period of five years is estimated at approximately PLN 16m. Payment of contractual penalties does not exclude the right to pursue claims for amounts exceeding the amount of 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.