In 2018 AB ORLEN Lietuva recorded:
· 28 MM USD net profit;
· 57 MM USD EBITDA LIFO;
· 9.7 MM tons crude oil throughput;
· 95 percent Refinery capacity utilization.
Last year Mažeikiai Refinery was operating at its maximum capacity, achieved the best Energy Intensity Index and reduced its fuel and losses. Compared to 2017, the company earnings were 993 MM USD higher, its sales via seaports increased by 8 percent and sales in local markets – even by 36 percent.
Despite excellent production and sales results, complicated macroeconomic conditions and sharp decrease in crude oil prices had strong impact on the financial results of AB ORLEN Lietuva. Its financial results were also adversely affected by the write-down of inventories to their net realizable value.
‘Our financial results in 2018 were largely affected by deteriorating macroeconomic climate in the crude refining sector’, told General Director Michal Rudnicki, ‘Having considered this situation, in 2019 we are focused on improving all production processes and other activities as well as searching for ways of becoming more flexible in adapting to market changes'.
AB ORLEN Lietuva will continue investments in 2019. The most significant investment that is now being realized is a unit for the diversification of production - a PPF splitter – facility designed to produce feedstock for petrochemical plants.
AB ORLEN Lietuva is the largest Lithuanian company, exporter and tax payer. Since 2006, PKN ORLEN has spent nearly USD 4 billion on the acquisition and further investments in the Mažeikiai refinery.
PKN ORLEN is a modern player on the fuel and power market and the largest company in Central and Eastern Europe. It was listed among the prestigious Fortune Global 500, Platts TOP250 and Thomson Reuters TOP100.