PKN Orlen SA, Poland’s largest oil refiner, will probably reach a deal with Lithuania that will allow its Baltic unit to return to profit, avoiding a sale, Polish Deputy Treasury Minister Mikolaj Budzanowski said. Orlen bought 84 percent of Mazeikiu in 2006 for $2.34 billion, a record investment by a Polish company abroad, fending off competition from rivals including Russia’s OAO Lukoil and OAO TNK-BP, as well as Kazakhstan’s KazMunaiGaz.
After Orlen bought its first stake that year, the only oil refinery in the Baltic states stopped receiving Russian oil by the Druzhba pipeline because of a leak in Belarus. Orlen had to reverse the flow of a pipeline to the Butinge terminal, using it to import crude rather than export refined products
Read more:http://www.businessweek.com/news/2010-02-05/poland-sees-chance-for-orlen-to-keep-lithuanian-unit-update1-.html
Posts
