Rompetrol Rafinare, part of the Rompetrol Group, posted a loss of USD 193 million last year, 41 percent higher than the loss reported the year before. Its turnover managed to increase, however, by 12 percent, to USD 3.5 billion.

“The financial results were influenced mainly by external factors, like the oil quotation (which went up by 28 percent) and the oil products quotation, the drop in demand for products, the shut down or reduction of the refining capacity, or by the 42 percent improvement in the refining margin. These add to the difficult conditions for obtaining working capital and financing, the currency exchange differences, the impact of some macroeconomic measures such as the VAT increase, the inflation growth or the increase in different taxes,” according to the company.

The total level of investments during the general overhaul amounted to over USD 43 million . Among the major projects completed are included the revamp of Catalytic Cracking Unit. In the fourth quarter of last year, Rompetrol Rafinare also finished the construction of a LPG terminal in the Midia port, with a total investment value of approximately USD 3.8 million.

On the distribution segment, which includes Rompetrol Downstream, Rom Oil, Gas and Rompetrol Rompetrol Logistics, the company saw a 12 percent increase in turnover, to a level of approximately USD 2.2 billion. Meanwhile, Rompetrol SA's operating income dropped by over 30 percent, to USD 32 million. The Rompetrol Group, owned by KazMunaiGaz, runs 788 gas stations in Romania.

editor@romania-insider.com