PKN Orlen May Sell Lithuanian Refinery

PKN Orlen (Plock, Poland) has appointed Nomura Bank to look at future options for Orlen's subsidiary Orlen Lietuva (Mazeikiu, Lithuania) refinery, the only oil refinery in the Baltic States. The refinery, with throughput of more than 10 million m.t./year of crude oil, is a producer of gasolines, fuel oils, liquefied petroleum gas, including propane, butane and some propylene, as well as bitumen and elemental sulfur. Low profit margins are the main reasons for the review. "We have run our own analyses concerning the reasons behind low profitability of the...

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