17.4.1. Contingent assets
In accordance with the information published in the Financial Statements of PKN ORLEN and ORLEN Group for 2019 and 2020 and 2021, PERN S.A. (PERN) informed PKN ORLEN about differences in the quantity of the operating stock of crude oil REBCO-type (Russian Export Blend Crude Oil) in connection with the inventory of crude oil stocks supplied by the tank farm in Adamów, carried out by PERN as a pipeline system operator. At the same time, PERN indicated shortage in the amount of PKN ORLEN’s crude oil supply delivered by sea through the PERN Manipulation Base in Gdańsk, made an unilateral adjustment of the REBCO crude oil inventory balance.
PERN maintains that the reason for the change in operating stocks is the difference in methodology of calculating the quantity of crude oil REBCO-type delivered by the tank storage in Adamów and crude oil delivered by sea. As at 31 December 2021, according to received confirmation from PERN, PKN ORLEN’s operating stock of crude oil REBCO-type amounted to 443,803 net metric tons. The difference in the quantity of stocks increased by 1,282 net metric tons in comparison to 2020 and amounted to 91,690 net metric tons.
PKN ORLEN does not agree with PERN position, because in its opinion it remains unfounded, unproven and inconsistent with the agreements binding PKN ORLEN and PERN, and the existing methodology used for calculating the quantity of crude oil REBCO-type and crude oil delivered by sea through the PERN Manipulation Base in Gdańsk and submitted by PERN to PKN ORLEN is correct and has never been questioned before.
In the opinion of PKN ORLEN the amount of adjustment of inventories recognised in 2019 and 2020 and in 12-month period of 2021 in the amount of PLN (158) million is also a contingent asset of PKN ORLEN.
In connection with the disclosure by PERN of loss of crude oil belonging to PKN ORLEN and stored by PERN, PKN ORLEN issued a debit note and called for compensation on 24 July 2020 from PERN for the loss of 90,356 net metric tons of crude oil REBCO-type z and related unlawful reduction of crude oil inventories of PKN ORLEN, which PERN should keep in its storage and transmission system in the amount of PLN 156 million. PERN did not pay this amount within the deadline specified in the debit note. Consequently, in the period from 30 July 2020 to 19 May 2021 PKN ORLEN has been satisfying PERN’s claims for issued invoices by way of statutory deductions with the claim for compensation.
On 1 October 2021 PERN initiated court proceedings in which it demands PKN ORLEN to be ordered to pay PLN 156 million with interest and a lump-sum compensation for recovery costs, which PKN ORLEN previously deducted from PERN’s remuneration. PERN questions the effectiveness of the deductions made by PKN ORLEN. PKN ORLEN disagrees with the position of PERN presented in the lawsuit filed by PERN and intends to defend its position in the course of legal proceedings. In the opinion of PKN ORLEN, PERNs claims are without merit.