Poland's PKN Orlen considers boosting crude oil processing in Lithuania
Orlen Lietuva, a subsidiary of the Polish oil and gas company PKN Orlen, has signed a letter of intent (LoI) with the Lithuanian Ministry of Energy to increase its oil refining capacity, the company announced, according to a report by SeeNews.
Orlen reported that a preliminary analysis of the plan to increase crude oil processing at its subsidiary refinery in Mazeikiai, Lithuania had been completed.
It also added that according to preliminary estimates, the project would take almost four years to complete. Orlen also said that its Lithuanian subsidiary was one of the cornerstones of the Orlen Group and generated significant profits.
According to PKN Orlen, Orlen Lietuva's revenues hit USD 752.7 million, and the branch made a net profit of USD 23.6 million in the first quarter of this year.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.