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Conclusion of a significant agreement |
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Own release
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05.11.2009 |
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The Management Board of PETROLINVEST S.A. (the "Company") announces that on 4 November 2009 the Company and Morgan Stanley Capital Group, Inc. ("Morgan Stanley") concluded an LPG supply agreement (the "Agreement"). Under the agreement, the Company will purchase 140,000 tons of LPG in total between the years 2010 to 2011. The Management Board estimates that the value of the contracted deliveries will be in excess of USD 90,000,000.
The Agreement allows Morgan Stanley to generate a slightly higher margin than that generated on agreements with other recipients. In connection with the conclusion of this Agreement, the parties renounced their mutual claims for non-deliveries of LPG under agreements that were in force in 2008 and committed to terminate court proceedings in Poland and Great Britain immediately.
The Agreement concluded with Morgan Stanley meets the criteria of a significant agreement because its value exceeds 10% of the Company's equity.
Download current report no. 99/2009
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