PKN Orlen’s investment in Lithuanian Mažeikiai refinery will improve its efficiency and extend its lifespan, said CEO Daniel Obajtek of PKN Orlen at a press conference.
“A historic day for ORLEN Lietuva and the Lithuanian economy. The announced investment in deep throughput of oil processing in Lithuania is entering the implementation phase. We entered into an agreement in which PKN ORLEN declared its financing. This is the largest investment project carried out in Lithuania” Obajtek wrote on Twitter.
“The investment will improve the efficiency of this refinery and extend its life. If we had not made that decision, then in a few years – maybe five or six years – there would be no economic justification for this refinery to operate,” Obajtek said.
He added that after the investment is completed, by processing 20 per cent less oil, the refinery will be able to produce the same amount of traditional fuels.
“This is a powerful optimization of the entire production process and it is an essential optimization,” he stressed.