What is JT Grup Oil's response to the accusations launched by the fuel terminal contractor?

• "All tanks will be completed on time, so that in February 2025, the terminal will be fully completed and operational"

The management of JT Grup Oil describes the accusations launched by E-Dynamic Structures as a "wave of disinformation", claiming that it has no contractual relationship and therefore no obligation towards the contractor of the terminal works. In addition, according to the information provided to it by the general contractor of the project, E-Dynamic Structures did not fit into the execution schedule of the works, so it had to be replaced with another team. JT Grup Oil also states that there are no delays in making payments for the works carried out, according to an official position that the company's management sent us at the end of last month.

Below, we present, in full, the position of the management of JT Grup Oil:

"The speculations that have emerged constitute a dissemination activity through mass media, which transmits false and misleading information regarding JT, including allegations regarding non-payment of debts to suppliers and information related to the cessation of work at the terminal. These activities fall within the provisions of Chapter III - Market Manipulation, art. 137, letter c) of Law no. 24 of March 21, 2017 on issuers of financial instruments and market operations, republished and updated, and are not supported by any concrete evidence.

JT is a company listed on the stock exchange, subject to specific regulations and financial audit control, thus demonstrating a firm commitment to transparency and responsibility both in its relationship with investors and stakeholders. Thus, it reserves the right to use all necessary legal means to defend itself against this wave of disinformation, which may harm both its image and trust in one of the most important players in the fuel distribution market in Romania.

In the context of the complaint filed by E-Dynamic Structures, we consider that it is unfounded, unjustified, being formulated by a company that is not in contractual relations with JT. It is important to note that the contractual relationship is carried out exclusively between JT and the general contractor, who is responsible for the execution of the works at the terminal. Therefore, we are not aware of the details of the relationship between the general contractor and its subcontractors, including E-Dynamic Structures, as these are not enforceable against JT.

We also wish to emphasize that payments for the works performed are made on time, without delay. Our company has all the financial resources to honor all contractual obligations.

JT has no contractual or commercial relationship with E-Dynamic Structures, which means that there is no financial or commercial obligation on our part towards this company. Consequently, any claim made by E-Dynamic Structures is considered unfounded and unenforceable against JT, and our company has no duty to respond to requests regarding internal relations between the general contractor and its subcontractors.

Reporter: How do you comment on the claims of E-Dynamic Structures? What is the actual degree of completion of the tanks?

JT Grup Oil: JT firmly rejects the accusations and insinuations of E-Dynamic Structures. As for the progress of the works, they continue at an alert pace. At the moment, out of the total number of eight fuel tanks, four are completed, one is almost ready, and the last three are to be completely erected in the next period. All tanks will be completed on time, so that in February 2025, the terminal will be completely completed and operational.

At a later stage, we will carry out all technological tests to put the terminal into operation. We also mention that all construction materials have already been purchased and paid to suppliers.

Contrary to the claims, the execution activities have not been stopped, and the main contractor has taken effective measures to meet the established deadlines, in full compliance with the contractual provisions and the legislation in force. All works carried out comply with the agreed execution schedule, constantly aiming to comply with the technical and quality standards provided.

We are open to dialogue and invite any interested party to visit the construction site to directly observe the progress made, as the works continue at a brisk pace, in compliance with all contractual and legal obligations. It is in our common interest that this project is completed in the most efficient way possible, respecting deadlines and quality requirements, and our team is dedicated to achieving this goal.

Reporter: Are the works suspended due to non-payment? If so, what are the reasons why JT has not paid for the works carried out to date, as stated by the contractor?

JT Grup Oil: Regarding the claims that the works were suspended due to non-payment, we would like to clarify that these do not reflect the contractual and operational reality. We have fully complied with our payment obligations to the general contractor, the only one to whom we have a contractual obligation for the execution of this terminal, paying on time and in 100% for all the works executed. Thus, there is no outstanding debt on our part towards him.

As for E-Dynamic Structures, it was not a contractual party to JT, but a contractor contracted by the general contractor. From the information provided by the general contractor, we learned that this contractor did not fit into the execution schedule. Thus, due to internal organizational problems and accumulated delays, the contract with this contractor was terminated, which adopted all measures to replace and reorganize the work team, in accordance with its contractual obligations to ensure the continuity of the works.

We reiterate, we did not have a direct contract with this contractor, but only with the general contractor, who has the legal responsibility to manage any delays or irregularities in the relationship with its subcontractors. Our role in this project is to monitor the progress of the works and ensure compliance with the established deadlines, and in this regard, we fulfilled all our obligations.

We reiterate that the works at the terminal have not been stopped, and JT is not in a dispute with the aforementioned entity, all invoices having been paid in full. The measures adopted by the general contractor will ensure the completion of the project, without further delays caused by the lack of organization of this contractor.

Reporter: Why wasn't E-Dynamic Structures declared as a subcontractor for the works?

JT Grup Oil: Regarding the issue of declaring E-Dynamic Structures as a subcontractor, we would like to clarify that this responsibility falls entirely on the general contractor, who is obliged to designate and manage its subcontractors, collaborators and executors in accordance with the provisions of the contract and applicable legislation. As a beneficiary, JT was not a party to this designation process and did not receive a request from the general contractor to express its agreement regarding the designation of E-Dynamic Structures as a subcontractor appointed after the signing of the contract.

The obligation to declare and appoint subcontractors lies exclusively with the main contractor. According to the legislation in force and the provisions of the Basic Contractual Agreement, the general contractor has the obligation to manage, declare and appoint subcontractors within the project, being responsible for their actions and violations.

Along with the answers, the management of JT Grup Oil also sent us some pictures, with the status of the works at the terminal at the end of last month.