The Grupa LOTOS Management Board reports that in the twelve months to August 28th 2013 Grupa LOTOS entered into contracts with VITOL S.A. of Geneva with an aggregate value of approximately PLN 859m, i.e. the value of a significant agreement (more than 10% of Grupa LOTOS S.A.'s equity).
On August 28th 2013, Grupa LOTOS S.A. and VITOL S.A. concluded a spot contract for the supply of crude oil to Grupa LOTOS S.A. (the highest-value contract from among the contracts with VITOL S.A.). The estimated value of the contract is PLN 263.5m.
The contract does not include any condition precedent or specify any date of events giving rise to a claim (dies a quo), it does not 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 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, as amended.