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PKN ORLEN ties up with EIB to fund PX & PTA units
03
Jan '08
Polski Koncern Naftowy ORLEN S.A. (PKN ORLEN) informs that on 21 December 2007, it signed a credit agreement (Agreement) with the European Investment Bank (EIB) in the amount of EUR 300 million, i.e. PLN 1 085.4, based on a EUR/PLN average exchange rate as of 21 December 2007, as quoted by the National Bank of Poland.

The Agreement has been signed for a twelve-year credit in the amount of EUR 300 million, i.e. PLN 1 085.4, based on a EUR/PLN average exchange rate as of 21 December 2007, as quoted by the National Bank of Poland. The aim of signing the Agreement by PKN ORLEN, is to assure the financial resources for the financing of part of the construction costs of the paraxylene (PX) and purified terephthalic acid (PTA) units.

In addition, on 25 June 2007 PKN ORLEN signed with the EIB a credit agreement in the amount of EUR 210 million, i.e. PLN 759.8, based on a EUR/PLN average exchange rate as of 21 December 2007, as quoted by the National Bank of Poland, on the financing of investments in connection with the development of the fuel sites network and environment protection.

On 21 December 2007 the total value of agreements signed between PKN ORLEN and the EIB amounted to EUR 510 million, i.e. PLN 1 845.18, based on a EUR/PLN average exchange rate as of 21 December 2007, as quoted by the National Bank of Poland.

In accordance with the “Regulation of the Minister of Finance dated 19 October 2005 on current and periodic information to be published by the issuers of securities”, the agreements signed by PKN ORLEN and the EIB in the last twelve months, constitute “significant agreements” due to the fact that their total value within the termination period exceeds 10% of PKN ORLEN's equity.

PKN ORLEN SA


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