Orlen Lietuva Calls on Lithuania’s Government

Lithuania’s government met Orlen Lietuva Management Board to discuss solutions to make a quick fix and improve company’s deteriorating financial performance. 

‘Special attention was paid to actions which, in the opinion of the Orlen Lietuva Board, should be immediately undertaken by the Lithuanian authorities to ensure stability of the refinery’s operations in the near future, particularly, the problem of logistics costs,’ reads the note released on Monday. 

The company called on state entities to help with the Mazeikiai refinery, saying that the internal optimisation measures are not enough to continue running the refinery. 

‘Last year, Orlen Lietuva reported a net loss of USD 94.3 million. Recently, in the face of the deteriorating macroeconomic environment, the refinery’s throughput has been limited to a necessary minimum that is to 60% of its nameplate capacity. At the moment, various further options are being reviewed, including a number of more far-reaching scenarios,’ explained the company.