Record-breaking results of ORLEN Lietuva for the second year in a row

26-01-2017  News

ORLEN Lietuva (Ryčio Petrausko nuotr.).jpg

In 2016, ORLEN Lietuva recorded:

  • 238 MM USD net profit;
  • 9.32 MM tons crude oil throughput;
  • 91 per cent refinery capacity utilization.

The net profit of ORLEN Lietuva in 2016 amounted to 238 MM USD which, in comparison to 2015, is higher by one million US dollars. This result is the best demonstrated since the year 2006 when the company was acquired by the Polish Oil Concern PKN ORLEN.

Last year, the only crude oil refinery in the Baltic States processed 9.32 MM tons of crude oil. The records also feature increased product sales both on seaborne and on inland markets – in the Baltic States.

'I am proud of the work done by our team. The company achieved perfect results thanks to the commitment of our professionals who managed to get advantage of the favorable conditions in the market,' said Ireneusz Fąfara, General Director of ORLEN Lietuva.

I. Fąfara added that 2017 will be full of challenge. This year, large-scale renovation works are planned in the refinery. According to I. Fąfara, ORLEN Lietuva plans not only improvements in production processes through renovation of different process facilities of the refinery but also investments into the competences of staff and perfection of all performance indicators.

'Macro factors in refining market are currently favorable, however we should keep in mind that situation may change quickly. We must be ready to face that. Let me remind that back in 2014 ORLEN Lietuva recorded 194 MM USD loss. By investing into our refinery facilities and competences of our people we want to get ready for all challenges we may face,' said the General Director of the company.

ORLEN Lietuva is the biggest Lithuanian company, exporter and tax payer. Since 2006, PKN ORLEN has spent nearly USD 4 billion on the acquisition and further investments in the Mazeikiai refinery.

The company continuously faces negative effects of high logistic costs. Therefore, PKN ORLEN, as the only shareholder, undertook all accessible measures to restructure the Company and implement a strategy that enables ORLEN Lietuva to adjust to the market conditions: maximize the production and, thus, the economic effect whenever the market is favorable. On the other hand, introduced solutions could help to minimize it, when the market is low.

PKN ORLEN is a modern player on the fuel and power market, the largest company in Central and Eastern Europe, and the only Polish company listed among the prestigious Fortune 500. Furthermore, ORLEN is the only company in the region to have been named The Most Ethical Company of 2014, 2015 and 2016 by the US Ethisphere Institute.

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