MBF Group
On July 18, 2022. A consortium formation agreement was concluded with a commercial law company based in Vilnius, Lithuania. The subject of the Agreement is cooperation in the field of retail and wholesale trade and intermediation in the retail and wholesale trade (including physical deliveries) of liquid fuels, in particular: diesel fuel and aviation fuels (with particular emphasis on customers in Ukraine).
The Lithuanian counterparty has a team with experience in hydrocarbon trading and is a trading company specializing in natural resources, particularly oil, natural gas and refined energy products. The company’s managers were associated for several years with the Gorlice refinery, which produced min. oils, lubricants and other products. With this knowledge, a network of contacts with oil refineries around the world was developed. The company has experience in sourcing oil and gas products and by-products from refineries and international suppliers. The management team has experience covering all aspects of development and operations in the oil industry.
Pursuant to the provisions of the concluded Agreement, the leader of the Consortium became a Lithuanian entity, which will be responsible for managing the affairs and representing the Consortium in jointly conducted commercial activities, day-to-day coordination of the Consortium’s work, proper and lawful execution of the concluded supply contracts and ensuring financing of activities.
The Issuer’s Management Board informs that the tasks of MBF Group SA will include, among others: (a) providing the Consortium leader with all necessary documents and information concerning the execution of the subject of the Agreement, (b) delegating to work related to the Consortium’s activities persons with appropriate competence and qualifications, (c) participating in working meetings related to the Consortium’s activities, and (d) providing the leader with complete data of the final contractors to the extent necessary for signing framework agreements for the supply of liquid fuels.
The consortium agreement was concluded for an indefinite period. Other terms of the Agreement do not deviate from the market standards used in agreements of this type. In connection with the conclusion of the Agreement, the Issuer entered into an additional undertaking with the Lithuanian entity not to circumvent, disclose and cooperate in accordance with ICC 619 PUB/NCNDA regulations.
Due to the conclusion of the aforementioned. Contracts The Issuer, as a member of the Consortium, has an open contract for the immediate supply of liquid fuels from refineries in the Middle East and Asia. In addition, the Company’s Board of Directors notifies that it is currently in advanced discussions regarding wholesale deliveries of EN590 diesel fuel to Ukraine, using contacts gained from previous deliveries of other products to that country. The Company will inform about relevant cooperation, supply or contracting agreements through ESPI stock exchange reports.
The conclusion of the consortium agreement is an important step in the development of the Company’s activities in the area of direct purchase and sale of goods and services and acting as a broker. The company is thus taking a significant step in providing comprehensive services and assistance in legal assistance, organization, logistics and brokerage, as well as direct wholesale of medical, military, food, petroleum and chemical products in the Polish and European markets.
On July 18, 2022, a consortium establishment agreement was concluded with a commercial law company based in Vilnius, Lithuania. The subject of the Agreement is cooperation in the field of retail and wholesale trading and intermediation in retail and wholesale trading (including physical deliveries) of liquid fuels, in particular: diesel and aviation fuels (with particular focus on customers in Ukraine).
The Lithuanian counterparty has a team with experience in hydrocarbon trading and is a trading company specializing in natural resources, in particular crude oil, natural gas and refined energy products. The company’s managers were involved for several years with the refinery in Gorlice, which produced, among other things, oils, lubricants and other products. Thanks to this knowledge, a network of contacts with oil refineries around the world was developed. The company has experience in sourcing oil and gas products and by-products from refineries and international suppliers. The management team has experience covering all aspects of development and operations in the oil industry.
Under the provisions of the concluded Agreement, the Lithuanian entity became the leader of the Consortium, which will be responsible for managing the affairs and representing the Consortium in jointly conducted commercial activities, the day-to-day coordination of the Consortium’s work, the correct and legally compliant implementation of the concluded supply contracts and ensuring the financing of activities.
The Issuer’s Management Board announces that MBF Group SA’s tasks will include: (a) providing the Consortium leader with all necessary documents and information concerning the performance of the subject of the Agreement, (b) delegating to work related to the Consortium’s activities persons with relevant competences and qualifications, (c) participating in working meetings related to the Consortium’s activities, and (d) providing the leader with full details of the final contractors to the extent necessary to sign framework agreements for the supply of liquid fuels.
The Consortium Agreement has been concluded for an indefinite period of time. The remaining terms of the Agreement do not deviate from market standards used in agreements of this type. In connection with the conclusion of the Agreement, the Issuer entered into an additional undertaking with the Lithuanian entity not to circumvent, disclose and cooperate in accordance with the regulations of ICC 619 PUB/NCNDA.
Due to the conclusion of the aforementioned Agreement, the Issuer, as a member of the Consortium, has an open contract for immediate supply of liquid fuels from refineries in the Middle East and Asia. In addition, the Company’s Management Board announces that it is currently in advanced discussions regarding the wholesale supply of EN590 diesel fuel to Ukraine, using contacts gained from previous deliveries of other products to this country. The Company will report on relevant cooperation, supply or contracting agreements via ESPI stock exchange reports.
The conclusion of the consortium agreement represents a significant step in the Company’s development in the area of direct purchase and sale of goods and services and acting as a broker. The Company is thus taking a significant step in the field of comprehensive service and assistance in legal assistance, organization, logistics and brokerage as well as direct wholesale of medical, military, food, petroleum and chemical products on the Polish and European markets.
