OREANDA-NEWS. During the first nine months of this year ORLEN Lietuva's revenues increased by 8 per cent to USD 6.122 million. However, drop in refining margins especially during the Q3 made a negative impact on financial results of ORLEN Lietuva. The Company's EBITDA in LIFO in 9M13, compared to the same period of 2012, decreased by USD 89 million and in Q3 2013 was lower by USD 104 million in comparison to Q3 2012.

“Low margins have strongly affected the whole European refining sector during the first nine months of 2013. The industry faces strong competitive pressure due to weak demand and overcapacity. This has resulted in lower revenues and caused reduction of the Company's capacity utilization,” said Ireneusz Fafara, General Director of ORLEN Lietuva.

Despite of the negative financial results in Q3 2013, ORLEN Lietuva refinery managed to reduce the consumption of fuel and losses by 0.27 p.p. comparing to the same period of 2012 and maintain high level of operational units availability - higher by 0.14 p.p. Y/Y.

The continuous focus on the Baltic market share development in Q3 2013 Y/Y resulted in increase of sales volume in inland markets by 12 per cent. Favorable development in sales volume trend to inland markets resulted in growth in Baltic market by 9 per cent in Q3 2013 Y/Y and to the CIS markets by 26 percent in Q3 2013 Y/Y. During the first nine months of the year, the positive sales growth trends are demonstrated by the 13-per cent-higher total sales volume, increase of inland sales by 12 per cent and increase of seaborne sales by 14 per cent Y/Y.