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.
© 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.

It is forbidden to copy the text of this publication without a written permission from ELTA.
Leave a comment
or for anonymous commenting click here
By posting, you agree to terms
Read comments Read comments

Proposals to charge employers with specifying wages in job adverts received negatively

The amendments to the Labour Code proposed by the “Farmers”, where employers would have to...

Proposals on air quality: maximum odour concentration in air to be reduced

In order to improve air quality and reduce discomfort for those residing near industry, manufacturing...

Capella Baltica increasing investment in Klaipėda FEZ

Capella Baltica, a Spanish cosmetics and food industry supplier, has increased the amount of its...

How blockchain technology will change the world trade?

The field of research of World Trade Organisation chief analyst Emmanuelle Ganne is the application of...

Welcome to Vilnius workshops to support foreign talent relocating to Lithuania’s capital

This Tuesday Vilnius’ business development and tourism agency Go Vilnius at the Workland Business...