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2013.07.03 10:55

Orlen may invest $110m in Lithuania

DELFI|The Lithuania Tribune2013.07.03 10:55

The Orlen Lietuva oil refinery, owned by Polish oil group PKN Orlen, has resolved its logistics issues and Lithuania’s biggest industrial company is ready to invest further, according to outgoing Polish Ambassador to Lithuania Janusz Skolimowski, as reported by The Baltic Business News. 

The Orlen Lietuva oil refinery, owned by Polish oil group PKN Orlen, has resolved its logistics issues and Lithuania’s biggest industrial company is ready to invest further, according to outgoing Polish Ambassador to Lithuania Janusz Skolimowski, as reported by The Baltic Business News.

After his farewell meeting with Lithuania’s Prime Minister Algirdas Butkevičius, the ambassador told media representatives that the refinery’s logistics problems “have been more or less settled,” and that Orlen Lietuva “will continue investing in infrastructure”.

Last autumn, the refinery reiterated its plans to build an oil product pipeline from Mažeikiai to Klaipėda in order to cut transportation costs that have now inflated because oil products have to be transported by rail.

An estimate from several years ago put the project’s investment budget at around USD 110 million.

In 2012, Orlen Lietuva netted LTL 180m on a six per cent increase in turnover to LTL 21.4 billion, and reported its biggest operating profit since 2006 of LTL 294 million.

The good financial results were achieved in spite of a 35-day plant shut-down due to a major overhaul and upgrade project. 

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