PKN Orlen signed an agreement with the State Treasury on the acquisition of PGNiG

PKN Orlen signed an agreement with the State Treasury in connection with the planned merger with Polish Petroleum Mining and Gasification, provided the company.

The agreement contains non-contractual declarations of intent of the company concerning: (i) the implementation of Poland's energy policy in so far as it concerns the diversification of sources of natural gas supply and development in the market of that fuel and (i) the continuation of employment policy in relation to the employees of the PGNiG group who will become employees of the company's capital group after the merger, ensuring the proper and safe functioning of the labour plants belonging to the PGNiG group before the merger, and the company's obligation to continue after the merger of the company with PGNiG the key investments carried out or prepared by PGNiG before the merger, indicated in the agreement, to the minimum extent specified therein.

PKN Orlen Press Release

PKN Orlen also declared that, after the merger and subject to the exceptions set out in the agreement, the strategy taken by the company in the field of extraction, trade and distribution of natural gas will be consistent with the Energy Policy of Poland, whose main concern is to ensure long-term energy security of the Republic of Poland and diversify the sources of natural gas supply.

Read more: https://portalstokniowy.pl/promy-polferies-float-a-nord-stream-in-cloop-%EF%BF%BC/

The agreement is not compulsory except for the selected provisions governing, inter alia, the execution of investment obligations, including the principle of liability of the company for their breach, is derived from material.

Subject to the exceptions set out in the Agreement, it shall apply for a period of 10 years from the date of its conclusion, which shall be automatically extended in the circumstances set out in the Agreement for the period necessary for the implementation of the investment commitments. The agreement will enter into force in the essential part on the date of the merger of PKN Orlen with PGNiG, i.e. on the date of entry of that connection into the relevant register, is summarised.

Source: ISBnews