Energy, EU – Baltic States, Lithuania, Oil, Transport

The company posted around 650 million euros (761 million US dollars) in revenue for the period, down 43% from the same period in 2019, Orlen Lietuva said.

Michal Rudnicki, director general of Orlen Lietuva, says the company's third quarter results reflect the tense macroeconomic situation.

"In the third quarter of this year, Orlen Lietuva was still facing macroeconomic pressure. Revenue decreased by 43% 3Q 2020 vs. 3Q 2019. However, we achieved an increase in sales of petrochemical products by 110% (y/y)," Rudnicki said.

EBITDA for the quarter stood at minus 35.4 million euros (41.5 million US dollars), compared to a positive rate of 39 million euros (45.7 million US dollars) a year ago.

Market volatility, drastic changes in oil prices and petroleum product demand as well as the COVID-19 pandemic have become the challenges the refining industry is facing throughout the world this year, the company noted.

Despite a highly competitive environment on the global fuel market, the sales of refining products to all markets in the third quarter were on average 6% higher from the second quarter.

Capacity utilization at the Mazeikiai refinery rose from 73% in the second quarter to 81% in the third quarter.