Although the last three months of 2023 were marked by geopolitical instability, sluggish demand and uncertainties faced by major economies, ORLEN Lietuva managed to operate profitably during this period. The Company’s net profit for the 4th quarter of 2023 was slightly over USD 7.3 million with EBITDA LIFO reaching USD 15.9 million. 

Due to the unfavorable macroeconomic situation, the revenue of ORLEN Lietuva Group decreased by approximately 18 % compared to the last quarter of 2022: from USD 2.160 billion in the 4th quarter of 2022 to USD 1.766 billion in the 4th quarter of 2023. The major factors contributing to this change in revenue were the fall in the prices of gasoline, diesel and aviation fuel and decrease in the demand for these products in October-December.

Operating at 87 % of its actual capacity, the only crude oil refinery in the Baltic States operated by ORLEN Lietuva processed more than 2.2 million tons of feedstock in October-December 2023.  With shrinking sales volumes to the Baltic States, the Company managed to increase its exports to Ukraine and neighboring Poland. 

 

‘Although the global macroeconomic environment is constantly changing and was challenging in the 4th quarter of 2023, ORLEN Lietuva financial results remained positive. According to the data of the State Tax Inspectorate, last year ORLEN Lietuva was declared the country’s largest payer of taxes to the budget, including VAT and excise duties’, said Radoslaw Misztalewski, General Director of ORLEN Lietuva.  ‘As the only crude oil refinery in the Baltic States, we feel responsible for the energy security of the entire region and are happy to make a significant contribution to the country's economic competitiveness and the stability of the gross national income through our activities and investments’.

Since 2006, ORLEN spent nearly USD 4 billion on the acquisition and further investments in the refinery of Mažeikiai. ORLEN Lietuva has recently become a member of the integrated petrochemical chain of ORLEN S.A.  

The ORLEN Group is an integrated multi-utility energy company listed in the prestigious global Fortune Global 500 and Platts TOP250 rankings. It was the first company in the region to declare achieving total emission neutrality in 2050. Thanks to the recent acquisitions and mergers, it became one of the 150 largest companies in the world. The company operates on 10 home markets: Poland, Czech Republic, Germany, Lithuania, Slovakia, Hungary, Austria, Canada, Norway and Pakistan.

 

By the end of this decade, ORLEN will invest over PLN 320 billion to implement strategic projects, of which approximately 40 % will be allocated to green investments, including wind energy at sea and on land, photovoltaics, biogas and biomethane, biofuels, electromobility, green hydrogen and synthetic fuels.

ORLEN Lietuva inf.