The State Oil Company of the Republic of Azerbaijan (SOCAR) and Grupa LOTOS S.A. signed today in Baku a Protocol of Intent in accordance with both companies will conduct joint technical and economic studies of potential for making businesses in the Republic of Azerbaijan and the Republic of Poland and any other country.

The protocol was signed in attendance of Azerbaijani and Polish presidents – Mr Ilham Alliyev and Mr Lech Kaczynski. 

– I hope that this is the beginning of good partnership, which in short-term perspective fruits concrete endeavors improving the values of both peers – comments Pawel Olechnowicz, CEO of Grupa LOTOS S.A. 
 
The document anticipates i.a. establishing by SOCAR and LOTOS think-tank group working upon details regarding potential cooperation directions, profitable for both entities.

Grupa LOTOS is a capital group including, besides Grupa LOTOS S.A. (parent company), LOTOS Czechowice, LOTOS Jasło and Petrobaltic (E&P company focused on Polish Continental Shelf) also several subsidiaries bearing LOTOS brand. At the end of March 2009 the employment in the capital group reached 4915 people. Consolidated sale revenues of LOTOS in 2008 exceeded PLN 16 million and was higher by 24% than that in 2007. At present throughput capacity of Gdansk refinery amounts to 6 million tons of oil a year. In the 1Q2009 the concern’s share in the fuel market generally grew to 28.3%. This is by 3.8% more as compared with similar period of 2008. Through LOTOS Norge, a subsidiary company the concern is also present on the Norwegian Continental Shelf where it conducts works aimed at crude oil exploration and production. Within program 10+ the refinery of Grupa LOTOS S.A. in Gdansk will increase its throughput capacity to 10.5 million tons annually. In addition, according to the assumptions of strategy till 2012, the company plans to reach the growth of its share in the national fuel market up to 30%.

Marcin Zachowicz, Spokesman of Grupa LOTOS S.A., ul. Elbląska 135, 80-718 Gdansk, tel. +48 58 308 75 70, +48 505 050 454, e-mail: marcin.zachowicz@grupalotos.pl