Poland’s oil giant, PKN Orlen is to decide on the fate of its Lithuanian refinery in Mazeikiai at the end of February, the company announced, Thursday.

A decision is expected to be made after the presentation of an analysis and resulting recommendation on the future of Orlen Lietuva, drawn up by international experts at the Tokyo-based Nomura Bank.

PKN Orlen bought a majority share in the Mazeikiai refinery in 2006, and has been the plant’s 100 percent stakeholder since 2009. Currently, the company is the largest such entity in Poland’s northern neighbour.

There has been no been no shortage of problems for Orlen since overtaking the Mazeikiai refinery, even though the company had invested 3.5 billion US dollars after the takeover.

In early 2010, commotion arose when Lithuanian media suspected the sale of the refinery to Russian investors. The claim was publicly denounced by Lithuania’s PM Andrius Kubilius, but changes were billed to be made to the country’s energy security policy as a result of the alleged move.

Furthermore, earlier Orlen Lietuva had wanted to buy an oil terminal in Klaipeda, situated on Lithuania’s coast, but had offers rejected by the Lithuanian government, with the Polish company also claiming that Lithuanian railways had placed high tariffs on the transport of its products. (jb)

Source: PAP