18.11.2009 Press release concerning withdrawal from the natural gas sale agreement between PGNiG SA and Zakłady Chemiczne "Police" SA
On 18 November 2009, Polskie Górnictwo Naftowe i Gazownictwa SA addressed to Zakłady Chemiczne "Police" SA a letter containing its decision to withdraw from the natural gas sale agreement. The reason for the decision is the steadily growing debt of Zakłady Chemiczne "Police" SA towards PGNiG SA due to the unsettled bills for delivery of natural gas. Pursuant to the provisions of the agreement, the withdrawal will take place after 30 days from the date of receiving today's letter by Zakłady Chemiczne "Police" SA.
PGNiG SA, aware of the difficult situation in the chemical sector, used all the possibilities to resolve the situation amicably, having extended the payment of liabilities several times. However, as Zakłady Chemiczne "Police" SA failed to observe another deadline for payment which, as mutually agreed by the parties on the basis of the settlement reached on 3 September 2009, was to be 15 November of the current year, PGNiG SA was forced to take decisions aimed at protecting the interests of the Company and all of its shareholders. The balance of liabilities of Zakłady Chemiczne "Police" SA towards PGNiG SA as at 17 November 2009 exceeds significantly the value of three months' gas fuel deliveries provided to that undertaking. Under the Agreement, such circumstances are deemed as failure of Zakłady Chemiczne "Police" SA to perform its material obligations towards PGNiG SA. Joanna Zakrzewska Spokeseman for PGNiG SA
