​THE SECURITIES AND EXCHANGE COMMISSION
Current report No. 26 / 2006  

Date of elaboration:
2006-05-09  

Shortened name of the issuer
PKN ORLEN

Subject
Purchase of ORLEN Upstream Sp. z o.o. shares by PKN ORLEN S.A.

Legal basis  
Art. 56 sec. 1 point 2 of the Act on offer – current and periodic information

Content of the report:  
The Board of Polish Oil Concern ORLEN S.A. ("PKN ORLEN S.A.") informs that on 09 May 2006 gained knowledge about registering on 26 April 2006 by the District Court for the Capital City of Warsaw in Warsaw, XII Commercial Division of the National Court Register under the KRS number 0000256011 of the ORLEN Upstream Limited liability company /Sp. z o. o./ ("ORLEN Upstream Sp. z o.o."), with its registered seat in Warsaw.
PKN ORLEN S.A. took up 100% in ORLEN Upstream Sp. z o.o., which constitute 100% of the initial capital of ORLEN Upstream Sp. z o.o., with nominal value of PLN 500 for each share, representing 100% of votes on general meeting of shareholders of ORLEN Upstream Sp. z o.o. PKN ORLEN S.A. paid for the hares, which were taken up with cash in the amount of PLN 50 thousand.
Basic activity of the ORLEN Upstream Sp. z o.o. company shall include, among others: conducting oil mining, natural gas mining, and geological, exploration and research activity.
Two people constitute the Board of the ORLEN Upstream Sp. z o.o. company. Both people managing the ORLEN Upstream Sp. z o.o. company are employed in PKN ORLEN S.A.: President of the Board since 20.02.2006, Vice-President of the Board since 30.12.2005.
Shares, which were taken up constitute 100% of the initial capital of ORLEN Upstream Sp. z o. o., and in relation to the above they are assets of significant value in the understanding of § 2 section 1 point 52 and section 5 of the Ordinance of the Minister of Finance dated 19 October 2005 on current and periodic information submitted by the issuers of securities.
Report was elaborated on the basis of § 5 section 1 point 1 of the Ordinance of the Minister of Finance dated 19 October 2005 on current and periodic information submitted by the issuers of securities (Journal of Laws No. 209, item 1744).

Source:
http://www.bankier.pl/wiadomosc/PKNORLEN-Nabycie-udzialow-spolki-ORLEN-Upstream-Sp-z-o-o-przez-PKN-ORLEN-S-A-1431515.html