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Polish fuel giant to build plant in Lithuania

Trade

Photo by Postmodern Studio / Shutterstock.com

Poland's biggest oil refiner PKN Orlen announced on Friday it would build a EUR 641 million (appr. USD 742 million) oil-processing facility at its refinery in Mažeikiai, northwestern Lithuania, the Polish Press Agency (PAP) reported.

PKN Orlen hailed the project as its biggest-ever initiative in Lithuania, with work expected to start later this year and reach completion in 2024.

The company said the new facility was designed to increase the profitability of the Mažeikiai refinery, boost energy security across the region, and increase PKN Orlen's earnings before income taxes, depreciation and amortization (EBITDA) by EUR 68 million a year.

Its Lithuanian subsidiary Orlen Lietuva, which owns Mažeikiai, has already signed a letter of intent (LoI) with the Lithuanian Ministry of Energy on the construction of the new facility, the PAP reported. 

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