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Conclusion of significant agreements |
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Own release
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11.11.2009 |
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The Management Board of PETROLINVEST S.A. (the "Company") announces that on 10 November 2009 the Company entered into two agreements with a new LPG supplier for purchases of liquefied propane-butane mix (the "Agreement") with an estimated aggregate value of USD 52,200,000.
Deliveries under the Agreements will be made both by land and by sea using the Company's infrastructure.
The terms and conditions of the Agreements do not vary from market terms used for land and sea deliveries, as appropriate. Deliveries of LPG will be made according to the "CIF Gdynia" and "DAF or CPT Polish boarder" formulas in accordance with Incoterms 2000. The Agreements guarantee LPG deliveries for 12 months with an option to extend for subsequent periods. The pricing formula used in the Agreements will allow the Company to generate a much higher margin than the average margins delivered to date.
The estimated value of each of the agreements is USD 26,100,000 and exceeds 10% of the Company's equity, thus meeting the criteria of a significant agreement. Download current report no. 101/2009
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