Romanian oil company Rompetrol Rafinare, which operates Romania’s largest oil refinery – Petromidia, recorded a net profit of USD 62 million in 2015, its best result in the last 11 years. In 2014, the company had consolidated losses of USD 58 million.

The operational profit (EBITDA) went up by 30% last year, to USD 112 million, despite a 32% drop in the group’s gross turnover, to USD 3.8 billion. The evolutions were strongly influenced by the oil price evolution. As the oil price fell, the company’s fuel sales also went down, as fuel prices are correlated to the oil prices.

However, the refining margins turned positive helping the company record its first positive results in years. The investments carried out on the Petromidia platform between 2007, when KazMunayGas took over the company, and 2015 exceeded USD 1.4 billion, said Azamat Zhangulov, Senior Vice President KMG International. The refinery increased its production capacities and reduced its operational costs following this investment plan.

Petromidia now holds over 40% of Romania’s refining capacity. In 2015, it processed 4.95 million of raw material, 2% less than in 2014, due to planned maintenance work in the fourth quarter.

Rompetrol Rafinare operates the Petromidia and Vega refineries in Romania and 700 fuel stations in Romania, Georgia, Bulgaria, and Moldova.

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editor@romania-insider.com