aA
Petroleum company Orlen Lietuva responded to concerns expressed publicly by Lithuanian Railways (Lietuvos Geležinkeliai) over the company's finances. Orlen Lietuva said that the reduction of its authorised capital was not related to payment to shareholders but was used to cover losses, thus it will not affect solvency.
Orlen Lietuva says authorised capital reduction will not affect solvency
© DELFI / Kiril Čachovskij

In late 2014, parent company PKN Orlen increased Orlen Lietuva authorised capital by USD 300 million following the provisions of the Lithuanian law and this helped to stabilise the situation.

The company said in a statement that PKN Orlen is valued at approximately EUR 6 billion in Warsaw Stock Exchange. Meanwhile, Orlen Lietuva is the biggest tax payer in Lithuania. Its assets, including immovable property, contracts, cash and other valuables are worth hundreds of millions of euros. Orlen Lietuva is a reliable partner and thousands of Lithuanian companies are looking to working with it, the company says. Their annual turnover with Orlen Lietuva exceeds EUR 500 million.

According to Orlen Lietuva, instead of negotiating and finding a solution, Lithuanian Railways is seeking media attention and publicity.

Meanwhile Lithuanian Railways says it offered proposals but Orlen Lietuva purportedly found them unacceptable. The state-owned transportation company says it is looking for a peaceful solution, to ensure that agreements are being implemented and to recover almost EUR 6 million in arrears for services.

Elta EN
It is forbidden to copy the text of this publication without a written permission from ELTA.
|Populiariausi straipsniai ir video

Lithuanian urban logistics platform raises €2.2M seed from Japanese backed VC

Ziticity , Lithuanian last-mile delivery service has closed a €2.2 million seed equity investment...

Some 70 flights to return to Lithuanian airports in July

As European countries are gradually resuming air transport, some 70 flights are scheduled to return to...

Loan signed to finance planned gas interconnection between Poland and Lithuania

The European Investment Bank (EIB) has signed a €65 million loan agreement with Lithuanian gas...

Seimas brings low-alcohol drinks to beaches (2)

The Seimas of Lithuania has backed a proposal of a group of lawmakers to ease the sale of low- alcohol...

Coffee Address to acquire Estonian vending and coffee service company

Coffee Address Holding, a vending and coffee service company in the Baltics operating under the...

Top news

Twelve suspects and convicts brought by military plane from UK

Twelve suspects and convicts whose extradition had to be postponed due to the coronavirus pandemic...

Lithuania hands over to Russia regarding serious environmental violations in Baltic Sea

On 3 July, the Ministry of Foreign Affairs of Lithuania handed over a verbal note to the Embassy of...

LGBT community calls on president to show solidarity and wear rainbow badge

Representatives of Lithuania’s lesbian, gay, bisexual and transgender ( LGBT ) community and their...

3 new coronavirus cases

On Thursday, 3 new coronavirus cases were recorded in Lithuania. Overall, 1828 COVID-19 cases have...

First ladies discuss challenges brought by COVID-19 pandemic

Lithuania’s First Lady Diana Nausediene and Elke Budenbender, spouse of Germany’s president,...

|Maža didelių žinių kaina