Conclusion by the subsidiary Izostal SA of the contract for the supply of DN700 insulated steel pipes for OGP Gaz-System SA
With reference to the current report No. 13/2020 of 27 May 2020, the Management Board of STALPROFIL SA (Company) informs that on 17 June 2020 it became aware of the conclusion of a Partial Agreement between the subsidiary Izostal SA (Contractor) and OGP Gaz-System SA with its registered office in Warsaw (Employer), the subject of which is the manufacture, sale and delivery by the Contractor of DN700 insulated and internally painted steel pipes for the investment task carried out by the Employer - DN700 Poland-Lithuania gas pipeline southern section order 3, length about 63 km.
The value of the concluded Partial Agreement is PLN 45.9 million net, and its implementation will take place from 1 October 2020 to 30 April 2021.
Detailed conditions on which the Partial Agreement will be implemented, including a description of contractual penalties, are set out in the Framework Agreement concluded between the above-mentioned entities, of which the Company informed in current report No. 29/2019 of 16 August 2019.
The Management Board of the Company considers the described contract significant due to its value. The implementation of the abovementioned agreement will have an impact on the increase in revenues of the STALPROFIL SA Capital Group during its implementation.