PKN apsisprendimą dėl Mažeikių gamyklos atidėjo iki metų pabaigos
WARSAW, Oct 7 (Reuters) - PKN Orlen, Poland's leading refiner, has given itself until the year-end to decide the fate of its troubled Lithuanian unit, its chief financial officer said on Thursday.
Investment bank Nomura had been expected to announce a recommendation on future of the Lithuanian refiner, formerly known as Mazeikiu Nafta, at the turn of September and October.
'We are giving ourselves time until the end of this year for Nomura to give a recommendation on Mazeikiu which we could announce to the market,' Slawomir Jedrzejczyk told reporters.
PKN has said it would consider any scenario for the unit, ranging from a full exit to keeping it in the group.
It bought into Lithuania's sole refinery in 2006 for $2.6 billion but the investment has never generated expected earnings due to troubles with oil supplies.
Both Poland, PKN's controlling shareholder, and the company's management have pressured Lithuania to take steps to cut oil transportation costs that would increase the refinery's profitability, but talks have stalled.