On 5 March 2020 PERN S.A. informed PKN ORLEN that due to the stock count of crude oil delivered by the tank farm in Adamów, carried out by PERN S.A. as a pipeline system operator, the Company’s operating stock of crude oil REBCO-type (Russian Export Blend Crude Oil) is lower by 89,653 net metric tons due to differences in the methodology for calculating the quantity of this stock. Consequently, according to PERN S.A. as at 31 December 2019, the Company’s operating stock of REBCO-type crude oil amounted to 535,812 net metric tons.
PKN ORLEN does not agree with PERN S.A. position, because in the opinion of PKN ORLEN it remains without merit, unproven and inconsistent with the binding agreements between PKN ORLEN and PERN S.A., and the current methodology used for calculating the quantity of REBCO-type crude oil sent by PERN S.A. to PKN ORLEN is correct and has never been questioned before. PKN ORLEN is currently analysing the possibilities of taking appropriate legal steps related to the information provided by PERN S.A. and reserves the right to take all actions aimed at protecting the legitimate interests of PKN ORLEN, including pursuing claims related to infromation shared by PERN S.A. on the quantity of PKN ORLEN’s operating stock of REBCO-type crude oil. Regardless of this, being the most cautious, PKN ORLEN adjusted the stock by the amount of PLN (156) million in correspondence with other operating expenses. In the opinion of PKN ORLEN, the amount of the allowance on stock is also a contingent asset of PKN ORLEN.