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Disclosure regarding sequencing of the ICR Project and Project Viking

Preem Holding AB (publ) Indenture, dated 21 June 2022, relating to €340,000,000, 12.000%, Senior Notes due 2027  (the "Indenture")

  1. We refer to the Indenture, specifically Section 4.18(3)(iii) therein.
  2. As presented in the Offering Memorandum (as defined in the Indenture), Preem has been conducting parallel BED and FEED studies relating to two potential renewable projects – the ICR Project at the Lysekil refinery and Project Viking (at the Gothenburg refinery), both as defined in the Offering Memorandum.
  3. Both the ICR Project and Project Viking are building blocks in Preem’s master transition plan towards further renewable production. Subject to the necessary final investment decisions being taken by the Preem board of directors at the relevant point in time, Preem’s ambition has been, and remains, to run the construction of these two projects sequentially (i.e. not in parallel).  
  4. As detailed in the Offering Memorandum, following the BED and FEED processes, Preem therefore would select one of the aforesaid projects to be executed first.
  5. Please be informed that Preem has today announced internally that Preem, subject to a final investment decision being taken on the ICR Project by the Preem board of directors (scheduled to be tabled to the board of directors at the end of November 2023), has now select the ICR Project as the first project. 
  6. Please contact Mrs. Lina Stolpe (CFO, Preem AB) for further information (contact details to Lina Stolpe are as follows:  

Preem Holding AB (publ)