Romania's biggest oil refinery, Petromidia, reported record operational results in 2018 when it processed 5.9 million tons of crude oil, 20% more than planned.

The refinery is part of Rompetrol Rafinare, a Romanian oil company 54%-controlled by Kazakh state oil company KazMunayGas through KazMunayGas International (KMGI). The Romanian state also holds a minority stake (46%) in Rompetrol Rafinare.

KMGI group reported a net profit of USD 86 million for last year. The earnings before interest, depreciation and amortization (EBITDA) stood at USD 250 million.

The Petromidia refinery is KMGI group’s main asset. Its processing capacity increased over the past six years from 3.8 million tonnes per year to 6 million tonnes per year, which makes it the largest refinery in the country. The investments have resulted in a raw material conversion rate of 94%, and the oil processing cost fell from USD 28 to USD 16 per tonne. The group’s retail sales in volume terms increased to 3.35 million tonnes, 1.25 million tonnes up from 2012.

KMGI group has operations in refining, petrochemicals, retail and trading in 11 markets. Its fuel distribution network includes 1,100 food points in Georgia, Bulgaria, Moldova, and Romania. The company also owns 49% of Dyneff, an independent company with a network of 100 gas stations in southern France and northern Spain.

editor@romania-insider.com

(photo source: Facebook / Rompetrol - KMG International)