Oil company Rompetrol Rafinare Constanta managed to increase its pre-tax profit by 60% in the first six months of the year, although its turnover dropped by 14%.

The company, which manages the Petromidia and Vega refineries, saw a profit of EUR 12.6 million whereas the turnover totaled EUR 1.5 billion. By comparison, Rompetrol Rafinare recorded a turnover of over EUR 1.77 billion in the first six months of last year.

The company exported 1.3 million tons of products in the first half of the year, a level similar to the same period in 2015. The Petromidia refinery in Navodari recorded the highest level of processed raw material since its founding in 1979, namely 17,000 tons of crude oil per day.

The company’s main shareholder is the Kazakh group KMG International. Romanian anti-organized crime prosecutors seized the refinery in May this year as they are working on a case related to Petromidia’s privatization and a debt cancelling, which have caused some EUR 660 million damages to the state. Several former ministers have been questioned in this case.

editor@romania-insider.com