53/2016: Execution by a subsidiary of an agreement to terminate and settle the 'Expansion of gas compressor station in Rembelszczyzna' contract
2016-11-26
Further to Current Report No. 25/2014 of November 26th 2014, the Management Board of PBG S.A. (the 'Company' ) announces that on November 25th 2016 the Consortium including the Company's subsidiary PBG oil and gas Sp. z o.o. executed an agreement with Operator Gazociągów Przesyłowych GAZ-SYSTEM S.A. (the 'Employer' ) for termination and settlement of the contract of November 25th 2014 for comprehensive execution of the project 'Expansion of gas compressor station in Rembelszczyzna as part of construction of high-pressure DN700 MOP 8.4 MPa Rembelszczyzna-Gustorzyn gas pipeline with ancillary technical infrastructure' (the 'Agreement' ). The Consortium comprises PBG oil and gas Sp. z o.o., Przedsiębiorstwo Inżynierskie Ćwiertnia Sp. z o.o. and ELTEL Sp. z o.o.
The parties to the Agreement decided on no-fault termination of the Contract, effective November 25th 2016, and agreed that any disputes concerning partial performance of the Contract by the Consortium and any potential claims arising out of it (i.e. PLN 20,890,275.95) would be settled in court. Furthermore, until final court decisions are issued, the Employer has retained PLN 14,004,338.93 of the Performance Bond provided by the Consortium to cover such claims.
Pliki:
current report 53/2016 (.pdf - 37,46 kB)