In 4Q2014 ORLEN Lietuva noted:
•        EBITDA LIFO of USD -86m
•        Net loss USD of 68 m
•        Refinery capacity utilization ratio higher by 4 pp y/y as a result of an increase in crude oil processing.

Despite the improvement of refinery margins, ORLEN Lietuva’s results were affected by  rapid decline of crude and product prices that negatively influenced the value of Company’s obligatory and operational inventories. The results still remain under pressure of logistical costs as Seaborn market is still significant in ORLEN Lietuvas’ clients portfolio.

“We are aiming at improving efficiency of our operations among others by reshaping the structure of our export. Since the inland sales are the most profitable ORLEN Lietuva reinforces its presence on the Ukrainian market. We also seek for raising our sale volumes to Latvia and Estonia” – says Ireneusz Fąfara, ORLEN Lietuva general director.

As logistical costs remain a burden for the Company, ORLEN Lietuva remains vulnerable to the appearance of negative factors, like sharp decrease of prices, that occurred in 4Q2014.

ORLEN Lietuva continues to execute its strategy to flexibly adjust to market conditions and seeks for reduction of its logistical costs in order to become a competitive player on a challenging market.

ORLEN Lietuva is the biggest Lithuanian company, exporter and tax payer. Since 2006, PKN ORLEN has spent nearly USD 4 billion on the acquisition of and further investments in the Mazeikiai refinery. PKN ORLEN has never distributed any of ORLEN Lietuva’s profit as dividend, and has reinvested all financial resources available at the company in its development.