PKN Orlen Signs Agreement to Purchase Odin Energi Latvija Shares
Posted on: Friday, 11 April 2008, 12:00 CDT
Polish oil company PKN Orlen's Netherlands-based subsidiary, Orlen International Exploration & Production Company, and Denmark-based Odin Energi have signed a agreement related to the sale of shares in Odin Energi Latvija to PKN Orlen.
As part of the agreement, Orlen International Exploration & Production will purchase 500 shares in Odin Energi Latvija, with a nominal value of LVL5 each.
The purchased shares represent 50% of the registered capital and 50% of the votes at the shareholders' general meeting of Odin Energi Latvija.
The agreement has been signed simultaneously with an agreement on the purchase of the rest of the 50% of shares in Odin Energi Latvija by PKN Orlen's partner, Kuwait Energy. Kuwait Energy has purchased the shares through its subsidiary Kuwait Energy Netherlands.
The purchase of Odin Energi Latvija shares gives Orlen International Exploration & Production the right to a 45% share in Odin's Latvian Baltic Sea concession and rights for the exploration of crude oil and natural gas in the concession.
Source: Datamonitor
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