Miliauskas said the company will pay workers 40 percent of the average salary, as required by the Labor Code, and it is currently planned that the plant will be shut down until December.
He told a news conference that there will be job cuts, but they will be insignificant, at about 5 percent.
The functions of some employees are currently being reviewed and decisions on redundancies will only be made after the process is completed, according to the CEO.
He said that if the plant in Jonava, central Lithuania, is halted, some of its employees will be placed on a furlough for half a month and others for a full month.
According to data from the state social insurance fund Sodra, the company has a workforce of 1,250 people.
Mindaugas Sinkevicius, Jonava Mayor, told BNS earlier on Wednesday that Achema was profitable in the first half of the year.
Miliauskas did not comment on Achema's first-half results, because they are only calculated after the financial year ends, but said that the company had operated at a loss in the last two months due to rising costs and long-term liabilities.
Achema will generate almost no revenue in September and will incur losses in the tens of millions of euro, he said.
The plan is to suspend the plant's operations until December, but it may be revised in response to changes in the natural gas and fertilizer markets, according to the CEO.
For European fertilizer manufacturers to be competitive, it is not just our plant that is being stopped; all European producers have stopped or have not launched operations. The price of gas should fall to 90 euros per megawatt-hour compared to today's 280 euros, he said.