Rompetrol Rafinare, the owner of the biggest refinery in Romania - Petromidia, signed a USD 10.3 billion contract with a member of its parent group - the Kazakh state-owned KazMunayGas, Profit.ro reported.

The contract signed with Swiss-registered KazMunayGas Trading AG should secure the crude oil supply for the refinery located on the Black Sea coast in the next five years, until the end of 2025.

The company will pay for the oil within 30 days after the delivery. Rompetrol Rafinare's losses increased 5.8 times in the first nine months of last year, compared to the same period in 2019, to USD 156.18 million, and the gross turnover decreased by 35.7% to USD 2.5 bln.

The evolution was caused by "the influences generated by the new coronavirus, and the unprecedented volatility in the oil market," according to the latest financial report.

(Photo courtesy of the company)

andrei@romania-insider.com