In 2019 ORLEN Lietuva recorded:
- 110 MM USD EBITDA LIFO;
- 76 MM USD net profit;
- 92 percent refinery capacity utilization;
- 14 % higher annual inland sales.
Last year ORLEN Lietuva almost tripled its 2018 profit and highly contributed to the results of PKN ORLEN Group. In 2019 the Company achieved net profit of 76 MM USD vs. 28 MM USD a year before. At the same time EBITDA LIFO was almost doubled (110 MM USD in 2019 vs. 57 MM USD in 2018).
The Company’s management made a series of significant decisions in order to raise the business efficiency of ORLEN Lietuva. Among others, it increased exports of bitumen. On the other hand, a 14 percent increase of sales on inland markets was an outcome of adopted marketing strategy. In addition, a new product, such as feedstock for petrochemical plants, was introduced into the market.
In 2020, the Company plans to continue its investments. In the end of March, the shutdown of process units of the refinery for maintenance is scheduled.
'When COVID-19 is spreading in Lithuania and worldwide, this refinery shutdown maintenance will be a huge challenge for us', said General Director of ORLEN Lietuva Mr. Michal Rudnicki. 'Our aim is to ensure proper prevention of infection within the territory of the Company therefore we adjusted the scope of maintenance works, make proactive decisions concerning HR management, adjustment of business processes with the view of this emergency situation. Responsibility for people is the priority for ORLEN Lietuva.'
Mažeikiai refinery celebrate this year its 40th anniversary. ORLEN Lietuva is the largest Lithuanian company, exporter and taxpayer and the only refinery in the Baltic Countries. It ensures energy safety in the region supplying petroleum products to Lithuania, Latvia, Estonia and Poland.
Since 2006, PKN ORLEN has invested nearly 4 billion US dollars in acquisition and modernization of the refinery. Recently, ORLEN Lietuva became a part of an integrated petrochemical chain of PKN ORLEN.
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.