UPDATE: Azoty chemicals and Orlen energy ink MoU on logistics assets sale

"In line with our earlier announcements, we have defined the framework for cooperation in the potential transaction of the use of selected logistics assets belonging to GA Polyolefins and the Port of Police Authority," said Azoty's CEO Andrzej Skolmowski, quoted in the press release.

The group pointed out that the conclusion of the memorandum is another important stage in the process of seeking solutions aimed at stabilising the financial situation of Azoty Polyolefins group and optimising the capital group's asset structure.

"I was pleased to hear the news that a memorandum of understanding has been signed between Grupa Azoty and Orlen regarding the sale of the Police logistics assets," said Poland's state assets minister Wojciech Balczun, quoted in the commentary on the Azoty Group announcement.

"One of my priorities as minister of state assets is to stabilise the financial situation in the Azoty group, and the signed document is an important step in this direction," he added.

The concluded memorandum assumes a transparent and open process for the sale of the indicated assets, to which Orlen will be invited as one of the potential buyers.

The parties have committed to cooperate on the terms indicated in the document until December 31, 2025.

The document does not impose an obligation to conclude a transaction or make a binding offer.

Any potential transaction envisaged in the memorandum will be subject to obtaining the required approvals from GA Polyolefins' financing institutions, administrative authorities; the release of collateral established on the relevant assets and obtaining the relevant corporate approvals.

mcb/ gaw/ ao/