"This agreement represents another significant step in our discussions with Orlen. After three months of thorough analysis, we have aligned on shared priorities, which are centered around the Polimery Police Project. Through this agreement, we aim to establish clear conditions for potential cooperation in the polymers sector. Constructive dialogue with Hyundai Engineering and the Korean Overseas Infrastructure & Urban Development Corporation remains an integral part of this process," said Adam Leszkiewicz, the President of the Management Board of Grupa Azoty S.A..

Under the terms of the agreement, Grupa Azoty Polyolefins and Hyundai Engineering Co. (HEC) have committed to maintaining the performance of the EPC Contract for the Polimery Police Project throughout the its duration. During this period, Grupa Azoty Polyolefins will refrain from exercising certain rights against HEC under the EPC Contract, including imposing contractual penalties for delays or utilizing performance guarantees associated with the project.

In return, HEC has agreed to defer payments on specific invoices related to work completed under the EPC Contract and any additional invoices that may be issued during the agreement period. HEC has also committed to extending the validity of the performance guarantees specified in the agreement.

The current Letter of Intent between Grupa Azoty and Orlen will expire at the end of December 2024.