The Polish downstream oil company PKN Orlen (27.5% state-owned) intends to take part in the upcoming auction for the development of 700 MW of offshore wind parks in the Lithuanian part of the Baltic Sea. The company also plans to develop up to 57 MW of onshore wind projects near its Lithuanian refinery in Mažeikiai. Preparations are now underway to make the investment decision.
In June 2020, Lithuania selected a 137.5 km2 area in the Baltic Sea Economic Zone to locate a 700 MW offshore wind project. The project would require an €1bn investment and a tender is planned for the 1 February 2023 to select investors in the project. It would be operational by 2030 and would produce 2.5 to 3 TWh/year of electricity, which is 25% the country’s current electricity demand.
PKN Orlen has plans to invest €641m in deep crude conversion at its 15 Mt/year Mažeikiai refinery in Lithuania. The project will increase the yield of high-margin products to over 84%, from less than 72% today, enhancing the Lithuanian refinery’s overall profitability.
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