Poland’s state-owned oil giant PKN Orlen will expand and modernise its refinery in Lithuania, saying it would be its “largest investment" in the country, according to the Notes from Poland news website.
The Mažeikiai oil refinery in northwestern Lithuania was launched in 1980 and needs to be modernised, according to Orlen’s CEO Daniel Obajtek.
The expansion would also “increase the profitability of the refinery”, enabling its earnings to grow by 68 million euros annually, as well as “strengthening the energy security of the region”, Obajtek said.
The four-year project will be overseen by Orlen’s Lithuanian branch Orlen Lietuva and will be worth 641 million euros.
This is “a historic day for Orlen Lietuva and the Lithuanian economy,” Notes from Poland quoted Obajtek, as he announced that the modernisation and expansion project had entered its “implementation phase”.
It is the “largest investment project carried out in Lithuania,” Orlen’s CEO claimed.
Mažeikiai is the only crude oil refinery in the Baltic states and one of the largest employers in Lithuania. According to Obajtek, it employs 1,500 people directly and 4,500 through services and subcontracting.