OREANDA-NEWS. September 27, 2011. SEB Bank has granted two loans to oil refining company ORLEN Lietuva, USD 180 million (LTL 441.32 million) in total. A long-term loan of USD 150 million (LTL 367.77 million) is meant for the company’s general business needs and for refinancing its loans. Funds of a short-term loan – USD 30 million (LTL 73.55 million) will be used for financing the working capital, also, for the issuance of guarantees and LCs, reported the press-centre of SEB Bank.

“We have granted the necessary financing to this particular industrial sector taking into account the fact that oil products are attributable to necessity goods. Also, oil refining companies usually are among the largest industrial companies and exporters. Therefore, their financing needs are exceptionally high, loan funds are used for issuing LCs, guarantees, also, for financing of upgrading and investment projects,” says Aivaras Cicelis, Vice President and Head of Corporate Banking Division of SEB Bank.

The volume of oil refined by ORLEN Lietuva is aproximately 10 million tons a year. Over the first six months, the company operated at 85% capacity and processed 4.3 million tons of oil. The company also processes other raw materials, for instance, gas condensate.