Orlen Lithuanian refinery needs major investment or risks closure, CEO tells PAP
Orlen Lithuanian refinery needs major investment or risks closure, CEO tells PAP WARSAW, Nov 3 (Reuters) - Orlen's PKN.WA Lithuanian refinery unit risks closure without major investment by the Polish energy group in an upgrade to more profitable production, CEO Ireneusz Fafara told the Polish Press Agency on Tuesday.
"Either we allocate additional, very substantial, funds to complete the bottom-of-the-barrel investment, and extend the refinery's lifespan ... or we accept the risk that it could become one of the first refineries in our region to cease operations," PAP quoted Fafara as saying
Bottom-of-the- barrel refining refers to turning low-value residual oils into high-value, lighter products like gasoline and diesel
Over the past two decades the Lithuanian refinery's profits have been insufficient to repay Orlen's investment in it, while maintaining even modest profitability requires an upgrade, Fafara said
(Reporting by Marek Strzelecki
Editing by Tomasz Janowski)
((Marek.Strzelecki@thomsonreuters.com;))
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