ORLEN explores investment opportunities in Lithuania
In a meeting held today with Lithuanian Prime Minister Ingrida Šimonytė, ORLEN’s CEO Ireneusz Fąfara discussed several key points, including opportunities to invest in Lithuania’s renewable energy infrastructure, the ongoing BoB investment in ORLEN LIETUVA, its position across the Lithuanian and Baltic markets, and potential further expansion plans.
ORLEN Lietuva has a EUR 970 million worth project under way to increase the refining conversion rate, aimed at bolstering the production capabilities of its refinery in Mažeikiai.
“Lithuania is a strategic market for the ORLEN Group. We’re proud to operate one of the most advanced refineries there, and with the completion of our hydrocracking project we’ll boost the high-margin product yield by 12 percentage points, further enhancing the energy security of the Baltic region. The project is particularly meaningful to me, as I was involved in its preparation from the very beginning during my watch as ORLEN Lietuva’s CEO. We’re also exploring new growth opportunities on the Lithuanian market, especially in renewable energy. Expanding into renewables will not only provide us with stable energy sources, but will also help us move closer to decarbonising our refining operations,” said Ireneusz Fąfara, CEO and President of the ORLEN Management Board.
ORLEN is exploring opportunities to expand its renewable energy footprint in Lithuania, including through investments in offshore assets and green hydrogen production. Potential developments in onshore wind and solar PV assets at the refinery in Mažeikiai are also under consideration.
ORLEN Lietuva has established itself as Lithuania’s largest taxpayer and a pivotal player in the country’s economy. Since 2006, ORLEN has invested nearly USD 4.5 billion to purchase and modernise the refinery. Employing directly close to 1,500 people, ORLEN is the leading employer in the Mažeikiai region and remains a cornerstone of Lithuania’s industrial landscape. Furthermore, ORLEN owns a critical terminal in Būtingė, a key hub for crude oil imports, and the Mockava terminal, a vital reloading station facilitating product exports to Poland and Ukraine.
