In the period from August 29th to December 31st 2013 Grupa LOTOS S.A. executed contracts with the BP Group companies for an aggregate value of approximately PLN 1.3bn, i.e. the value which meets the criteria of significant agreement (more than 10% of the equity of Grupa LOTOS S.A.).
The highest-value transaction is the contract of December 31st 2013 for sale of liquid fuels by Grupa LOTOS S.A. to BP Europa SE Polish Branch. The contract was concluded for a definite period, from January 1st 2014 to December 31st 2014, and its VAT-exclusive value is estimated at about PLN 1,197m.
The maximum amount of the contractual penalties is estimated at approximately PLN 15m. The contract does not contain any provisions under which the parties would be entitled to seek any additional compensation above the 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.