Lithuanian foreign trade figures have improved early this year due to growing exports and falling imports. In the first quarter of 2016, Lithuanian exports of products and raw materials amounted to €5.2 billion, while imports […]
Lithuania’s national gas trading company Litgas has made a profit of €4.9 million on revenues of €209 million in 2015. The company, which is a subsidiary of state-owned Lietuvos Energija (Lithuanian Energy) started to sell […]
Russia’s economy will likely contract gradually over the next three to four years and then become increasingly socialized, as the government implements price and currency controls, monopolizes foreign trade, embarks on a large-scale nationalization of private industries, and increasingly regulates salaries and consumption. […]
The failure of oil-exporting countries to agree in Doha on freezing production is beneficial to Lithuania and other oil importers, a leading economist says. […]
Each Russian leader picks a subject he is an expert in and Vladimir Putin‘s subject is history. “That is why in order to understand Russia, we must understand Russian history,” says Professor Nina Khrushcheva of the New School University in New York. […]
Petrol prices in Lithuania’s filling stations went up slightly since the beginning of the month, following an extended lull. Industry representatives put the increase down to increasing oil prices on global markets. Petrol prices have […]
With Iran eager to enter the global oil market and both Russia and Saudi Arabia desperate to stay in the game, the two countries’ recent agreement to freeze oil output should be taken with a grain of salt, says Lithuanian energy expert Romas Švedas. […]
Orlen Lietuva profits jumped to €217 million last year after a loss of €109 million in 2014 yet the company paid significantly less in taxes Lithuania last year than it did in 2014. […]
With falling oil prices, oil has started becoming a burden on nations that produce it but oil importers like Lithuania have been prospering from the price drop. […]
Russian oil will be once again supplied to the Orlen Lietuva oil refinery in Mažeikiai as the new head of the company Wojciech Jasinski is increasing raw material imports from Russia, newspaper Gazeta Wyborcza reports. […]
Orlen Lietuva benefits from restructuring and very favourable macroeconomic conditions. Production capacity utilisation reached 86 percent in the second quarter of 2015 (reaching 92 percent in June, which was the highest level since two years). […]
According to the data of the Lithuanian Geological Survey (LGT) under the Ministry of Environment, the Šilutė-Tauragė area (in Western Lithuania) sows promise for extracting hydrocarbons, especially oil. It is therefore planned to announce a tender for exploration and extraction of these resources. […]
State company Klaipėdos Nafta during December 2014 reloaded 640 thousand tonnes of oil products into its storage tanks, greater by 68.4 percent than during December 2013, when 380 thousand tonnes were reloaded. During December 2014 more oil products from the main client of the company Orlen Lietuva as well as from refineries of the Republic of Belarus were reloaded, compared to transhipment during December 2013, also during December 2014 additional heavy oil products from refineries of Russian Federation were reloaded, Klaipėdos Nafta announced. […]
The Lithuanian Geological Survey (LGT) has launched a strategic environmental impact assessment (EIA); its findings will determine whether oil could be extracted in the so-called Kaltinėnai field stretching across the counties of Telšiai, Šiauliai and Tauragė. […]
The liquefied natural gas (LNG) terminal in the Lithuanian port city of Klaipėda officially opened its commercial operations on the first day of 2015 to provide the first alternative to Russian gas. […]
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