Energy, EU – Baltic States, Good for Business, Investments, Lithuania, Transport

"In addition to other projects, we plan to open a new production unit of chemical oil products, which will expand the company's portfolio. We are about to complete the new reservoir in the Butinge terminal, which will increase the total capacity of the reservoirs by 20%, ensure more reliable oil supplies to the plant and boost the country's energy security," Orlen Lietuva said in a press release.

Tomas Digaitis, spokesman for the company, told BNS he could not provide more information yet about the future investment, planning to elaborate more next week.

The company said its planned and completed investments for the 2017 -2018 period would reach 150-200 million US dollars (EUR 124.5-166 mln). According to earlier reports from Orlen, 2017 investments totaled at 60 million euros, therefore, should be around 60-100 million euros this year.

Since purchasing then Mazeikiu Nafta (Mazeikiai Oil) in 2006, Orlen invested more than 1 billion US dollars (EUR 830.2 mln) in the company's modernization.

In 2017, Orlen Lietuva processed more than 10 million tons of oil, which was transported by 100 tankers via the Butinge terminal.