President Grybauskaitė: Lithuania cannot provide direct subsidies to Orlen Lithuania
Thursday, July 24, 2014
Lithuania cannot subsidize privately-owned oil refinery Orlen Lietuva, says President Dalia Grybauskaitė, adding that she expects PKN Orlen, the Polish mother company, to help its Lithuanian subsidiary continue operations.
The effects of negative macroeconomic climate for oil refining sector and the results of tests for impairment of fixed assets required according to financial standards, significantly affected the level of ORLEN Lietuva financial results in H1 2014, said the company in a statement.
Responding to public information about further activities and difficulties experienced by oil refinery ORLEN Lietuva, Lithuania's Prime Minister Algirdas Butkevičius reminds that the company, just like other petroleum refining companies operating in the European Union, is facing structural problems propelled by fundamental changes in the global fuel market.