The LOTOS Group has gained the support of Prime Minister Saulius Skvernelis to expand its business activities in Lithuania. One of the subjects discussed by the Polish delegation led by Prime Minister Mateusz Morawiecki and Minister of Energy Krzysztof Tchórzewski during their recent visit in Vilnius was the Polish-Lithuanian cooperation in the energy sector, including potential partnership in oil exploration and production in the Lithuanian territorial waters.
This would be particularly significant to the LOTOS Group, which has been operating in the Lithuanian upstream sector since 2000 via AB LOTOS Geonafta, a subsidiary of LOTOS Upstream now. The Company has always invested heavily in the development of onshore production assets. Currently, the AB LOTOS Geonafta Group produces oil from onshore reserves, whose production potential has markedly declined over the years.
“We are very pleased to hear that Prime Minister Mateusz Morawiecki and Minister of Energy Krzysztof Tchórzewski held successful talks in Lithuania. We are convinced that our upstream expertise will help us expand our asset portfolio and strengthen our presence in the Lithuanian market, leading to closer relations between our countries,” – says Marcin Jastrzębski, President of the Management Board of Grupa LOTOS S.A.
LOTOS can see the potential of Lithuania’s offshore resources and plans to step up its upstream operations. What is important, Lithuanian commentators stress the need for exploration in the Baltic Sea, but the state lacks the ability to conduct such activities on its own. The LOTOS Group is certain that developing Lithuania’s offshore prospects will significantly improve the country’s energy security.
LOTOS is a Polish corporation whose business is of strategic importance to the national and European energy security, as well as to Poland’s economy. It produces natural gas and crude oil in Poland, Norway and Lithuania. The Company owns a refinery in Gdańsk, one of Europe’s most advanced oil refining plants, where crude is processed mainly into high quality fuels, including the LOTOS Dynamic premium brand.
LOTOS also operates a chain of close to 500 service stations conveniently located at motorways and expressways, in all large cities and many other locations across the country. As a retailer and wholesaler of fuels, it has nearly a one-third market share at home. It is also Poland’s second-largest rail freight forwarder. LOTOS is a leading manufacturer of road bitumens, engine oils and lubricants used in road vehicles, aeroplanes, trains, ships and even military vehicles.
Communication Office, Grupa LOTOS S.A., ul. Elbląska 135, 80-718 Gdańsk, Poland, tel. (+48) 58 308 87 31, (+48) 58 308 83 88, (+48) 58 308 83 55, e-mail: email@example.com