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Lithuanian oil is shelf warmer — Orlen Lietuva has become a major burden that is dragging down the entire group

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The Lithuanian oil refinery Orlen Lietuva has been plagued by financial difficulties in recent months.

Orlen petrol station in Vilnius | (c) 2014 by Ingvar Henry Lotts

ORLEN LIETUVA petrol station in Vilnius | (c) 2014 by Ingvar Henry Lotts

But the operator won’t have an easy time selling off the Baltic’s only refinery, the liberal daily Lietuvos rytas is convinced:

Since 2009, eleven oil processing companies [in Europe] have gone bankrupt, roughly two per year. They all had the same problem: thanks to the shale gas revolution in the US virtually no expensive high quality petrol is shipped overseas any more because no one needs it over there. For its Polish [operator], Orlen Lietuva has become a major burden that is dragging down the entire group. Sure, the owners say they don’t want to sell it. Nevertheless it’s clear even to those who aren’t interested in the oil business that they would if they got a good offer. But in Europe buyers are scarce, even for far more modern oil refineries.

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