In I quarter of 2018, ORLEN Lietuva achieved:
Despite negative changes in the macroeconomic environment ORLEN Lietuva remained profitable in IQ2018 by improving its sales volume that was 1% higher than in the same period last year. The refinery was also operating on a high level of excellence, using 98% of its capacity vs. 86% in IQ2017. Unfavorable market situation caused decline in EBITDA LIFO (17 million USD in IQ2018 vs. 41 million USD in IQ2017).
“We are currently focusing on major maintenance works in the refinery and adjusting our business operations to market challenges. We are also analyzing possible further investments and discussing their potential support of the Lithuanian government, in line with the Memorandum of understanding. Among others we expect to be able to improve our logistical costs in order to raise our business effectiveness.” - said Michał Rudnicki, General Director of ORLEN Lietuva
Memorandum of understanding was signed in March 2018. It defines the fields of possible cooperation and mutual expectations of the Lithuanian government and ORLEN Lietuva.
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.
PKN ORLEN is a modern player on the fuel and power market, the largest company in Central and Eastern Europe, included in the prestigious Platts TOP250 list and Thomson Reuters TOP100. This year PKN ORLEN has also received − for the fifth consecutive time and as the only company in the region − the coveted title of ‘The Most Ethical Company’ from the US-based Ethisphere Institute.