New Agreement Between PGNiG SA and E.ON Ruhrgas

Source: www.gulfoilandgas.com 9/23/2010, Location: Europe

As the conditions precedent to the Gas Sales Agreement of May 3rd 2010 had not been met, PGNiG and E.ON Ruhrgas expressed their willingness to set new deadlines and decided to sign an Agreement, under which new deadlines for meeting the conditions precedent apply.

E.ON Ruhrgas is obliged to enter into a transport agreement with operators to ensure gas transport to the Polish-Ukrainian border by October 29th 2010. The Gas Sales Agreement between PGNiG SA and E.ON Ruhrgas needs to be approved by relevant supervisory bodies on or before October 29th 2010. Moreover, PGNiG is obliged to obtain the Minister of the State Treasury's approval of the import contract on or before November 5th 2010.

PGNiG and E.ON Ruhrgas are to notify each other of fulfilment of the conditions precedent no later than on November 5th 2010.

Since 2009, PGNiG SA has been seeking to purchase gas from numerous suppliers. Negotiations were also conducted with E.ON Ruhrgas. On May 3rd 2010, PGNiG SA concluded a gas sales agreement with E.ON Ruhrgas. The agreement provides for gas supplies in the period June 1st 2010 - December 31st 2011, with delivery to the Drozdowicze cross-border point on the Polish-Ukrainian border. However, as E.ON Ruhrgas failed to secure a transport agreement with operators, which would provide for gas transport to the Polish-Ukrainian border, it proved necessary to sign three amendment agreements changing the effective date of the gas sales agreement.

The previous amendment was signed on July 28th 2010 and specified October 1st 2010 as the effective date.


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