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

International Internet Magazine. Baltic States news & analytics Thursday, 25.04.2024, 20:53

PKN: prompt decisions of Lithuanian government about Orlen Lietuva are necessary

BC, Vilnius, 14.04.2014.Print version
On Monday, Prime Minister Algirdas Butkevicius visited Mazeikiai-based petroleum refining company Orlen Lietuva, which is experiencing its most difficult time. During his visit, it was said that according to PKN ORLEN concern, it was necessary that both the Lithuanian government and other public legal entities in cooperation with Orlen Lietuva would take immediate decision to allow the company to continue its activities, informs LETA/ELTA.

According to the leadership of the concern, there are no internal optimization measures left.

 

The Lithuanian prime minister met with the Board of Orlen Lietuva to discuss declining financial indicators of the company. At the meeting CEO of Orlen Lietuva Ireneusz Fafara presented specific decisions to immediately improve the financial situation of the company. According to the media, Orlen Lietuva is preparing an emergency plan and intends to make about 100 of its employees redundant.

 

The meeting focused on initiatives, of which the most important was logistics costs reduction. According to the Board of the company, Lithuanian governmental institutions should take immediate measures to ensure the stability of the company's activities in the nearest future.

 

According to the company, since 2006 PKN ORLEN has invested nearly USD 4 billions into the acquisition of Orlen Lietuva company and its modernization.





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