PBG, PGNiG and Bank Pekao sign an agreement relating to the construction of Lubiatów-Międzychód-Grotów oil and gas production facilities
On October 4th, a trilateral agreement was signed between PGNiG SA, PBG SA w upadłości układowej (in company voluntary arrangement) and Bank PKO SA in connection with a PLN 1.4bn (VAT-exclusive) contract for the construction of LMG (Lubiatów-Międzychód-Grotów) oil and gas production facilities executed back in 2008. The agreement was signed to facilitate completion of the project on terms stipulated in the contract and in the shortest possible time.
Under the agreement, the parties agreed upon new rules for the day-to-day financing of the project and making payments by PGNiG and PBG.
To remind you, PBG entered into the EPC contract for the project with PGNiG on August 11th 2008. The project is scheduled for completion in April 2013.