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.
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