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Petrofac Limited ( PFC) Petrofac Limited: Petrofac secures Lithuanian refinery EPC project 27-Oct-2021 / 16:24 GMT/BST Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
27 October 2021
PETROFAC SECURES LITHUANIAN REFINERY EPC PROJECT
Petrofac announces it has been awarded an Engineering, Procurement and Construction (EPC) contract, valued at around EUR550 million (approx US$640 million), from PC ORLEN Lietuva to support a comprehensive modernisation, environmental upgrade, and expansion programme at its Mažeikiai Refinery in North-West Lithuania.
The lump sum contract comprises engineering, procurement, construction, start-up and commissioning services, as ORLEN Lietuva invests to expand the existing refinery complex, raise capabilities, meet the requirements for cleaner fuels and improve operational and carbon efficiency of the plant. The scope of work encompasses mainly greenfield EPC development, with some brownfield modifications, as well as Front End Engineering Design (FEED) of relevant utilities and offsites. The contract includes the addition of a new residue hydrocracking facility and improvement of the existing facility. Project completion is planned by the end of 2024.
Elie Lahoud, Chief Operating Officer - Engineering & Construction, said: "We are delighted to have secured such an important refinery project within the European Union as we demonstrate our growth strategy in new geographies. Petrofac has a well-established track record and significant experience in the refining sector, as customers transform existing facilities to produce higher quality, more environmentally friendly fuels. ORLEN Lietuva is a new customer for us, and we look forward to developing our relationship as we deliver locally, to the highest global standards, on a project that is an important part of Lithuania's energy infrastructure."
PC ORLEN Lietuva is an ORLEN Group company, operating the sole refinery in the Baltic region. The Mažeikiai refinery is important to the Polish and Lithuanian economies. It is one of Lithuania's largest companies, with about 1,500 employees, of whom approximately 90% are residents of Mažeikiai and neighbouring towns. Another 4,500 people are employees of external service providers and subcontractors.
Nice example, Pokerchips. But it’s not PFC AND you’re missing the point.
Let Shareholders do their OWN RESEARCH & HOMEWORK not trust in me or you or MaryBR or Comeonvog. We are anonymous posters who should not be trusted to give out such important advice & information. That’s my point.
Check with your BROKER(S), check with PFC INVESTOR RELATIONS, check with the LONDON STOCK EXCHANGE. Get this subject off this Board.
Look at it this way: let’s say someone on here was arrested by the police for a very very minor misdemeanour relating to Share Trading. They could be innocent or guilty but the police try to persuade the suspect to accept a Caution. The suspect was given time to call a Solicitor. Instead they came on here asking for advice. Would you as a layman suggest they save time & money on calling a Solicitor ie the expert and accept the Caution? No, of course you wouldn’t or at least I hope you wouldn’t.
“9677551 - 10 Investment PETROFAC ORD USD0.02 Holding 3332 Status No response required Description Preliminary Notice-Open Offer Notes Further to our previous communication, we have received an update regarding the Petrofac Limited event.
Your account will be credited with the entitlement shares on or around 28 October 2021.” End of Story!
This answers it for me, have received email from AJ Bell in my daughters account, for whom I bought shares in Petrofac for the first time only, YESTERDAY, acknowledging that she has 3332 shares in her account for open offer.
It matters not a jot anymore IN TERMS OF ACTIONS THAT CAN BE TAKEN as all relevant Dates, whichever is correct, have passed.
But of course it matters to those who Bought or Sold yesterday as to whether they’re entitled to the 1 for 4 Shares @ 115p in the Open Offer.
I personally think and hope MaryBR, Pokerchips et al are wrong and Comeonvog et al are right (for all the right reasons ie why should non pre-existing Shareholders prior to the Record Date benefit from the Discounted Shares in the Open Offer when people like me have been long-term Shareholders of PFC off and on since 2018 and have supported the Stock through thick & thin). That’s certainly how I read the 3x RNSs from Petrofac yesterday including the Prospectus. But the former may be right, I conceded that in my post early this morning.
But the point is: NO ONE on here should be listening to/heeding the advice of posters on here whoever they are and however long they’ve been posting and however trusted and genuine they appear to be. Many many posters on here are ‘Wolves in Sheep’s Clothing’ ie Derampers, Shorters, Trolls, etc. and whilst they may seem helpful, often they’re only in it to drive down the SP and make a fast buck. The only posters I trust are those who want the SP to go UP and UP and UP.
Thus EVERYONE should do their OWN HOMEWORK and FOR ABSOLUTE CERTAINTY: firstly CHECK WITH THEIR BROKER(S) holding their PFC Shares (I have my PFC Shares across 2 different Brokers and will be checking with both, especially as obtaining entitlement to the Discounted Shares might be procedurally different for each) AND then CHECK WITH INVESTOR RELATIONS at Petrofac (the Telephone Number is on the RNSs/Prospectus) AND then CHECK WITH the LONDON STOCK EXCHANGE.