Lithuanian refinery plans to begin operations in Poland

The company which is 60% controlled by Russia's Jukos and the remainder is held by the Lithuanian State Treasury, has annual processing capabilities of 15 million tons of oil. Last year however, it used only half of its capacity, which is one of the reasons for market expansion. "Możejki has three trading offices: in Poland, Estonia and Latvia," said Włodzimierz Olbrycht, the head of the domestic office. By the end of this month, the company will sign a leasing agreement with Naftobazy, concerning warehouses in Małaszewice, on the border with Belarus, and Braniewo, on the outskirts of Elbląg. It is not excluded that if initial sales succeed, the company will prepare to take over existing domestic gas stations or build its own. "In the refinery business, profits lie in resource extraction and retail sales. If the price of oil goes down, it is good to focus on running retail operations to improve financial results," said Olbrycht. (Parkiet, p. 3) A.K.