“Orlen Lietuva Reports €183.2 Million Loss in 2020 Due to Asset Revaluation”

The losses of the Lithuanian crude oil processing company “Orlen Lietuva” were 183.2 million euros last year, as opposed to a profit of 71.5 million euros in 2021, according to the company’s financial report.

It states that the losses are related to the revaluation of the company’s assets. It was established that the value of the company’s assets decreased by 355.6 million euros.

Excluding asset depreciation, the company’s operating profit was 186.2 million euros last year.

The turnover of the company increased by 77% to 7.551 billion euros last year, according to the report.

Last year, the company-owned Mažeikai oil refinery processed 8.9 million tons of oil, or 4% more than the previous year.

“Orlen Lietuva” belongs to the Polish oil refining and fuel trading company “PKN Orlen”.