Rompetrol Rafinare (RRC), member of KMG International, reported losses of USD 1.1 million in Q3 of 2016 compared to a negative USD 3 million in Q3 of 2015, while net turnover decreased by 28 percent to USD 563 million, a press release informs.
At the same time, the company registered a consolidated net profit amounting to USD 20.8 million in the first nine months of 2016, up by 41 percent compared to the same period of 2015. The consolidated operating result (EBITDA) registered, as well, an increase, by 33 percent in the first nine months of 2016 compared to the same period in 2015, to over USD 121 million.
“Rompetrol Rafinare’s continuous performances have been achieved following investments supported by KMG International and its sole shareholder, the national oil and gas company in Kazakhstan, KazMunayGas, in order to increase the processing capacity of the Petromidia refinery, its flexibility, as well as in modernizing the industrial facilities, which amounted to over 1.4 billion USD starting 2007, the moment of the acquisition”, said Yedil Utekov, general manager Rompetrol Rafinare.
Given a production for Petromidia refinery of over 3.8 million tons of raw material in the first nine months of 2016, the sales of the refining division marked a 4 percent increase on the internal market, while the export sales have decreased due to lower market demand, the release also reads.
The refining capacity was 80.48 percent in the first 9 months of 2016, down by 7 percent compared to the same period of last year.
Vega refinery processed a total quantity of raw material of over 256 thousand tons in the first 9 months of 2016, up by 1.67 percent compared to the same period in 2015, when 252 thousand tones were processed. The refining capacity of Vega platform was 103.5 percent in the first 9 months of 2016, up by 1.7 percent compared to the same period of last year.
In the first nine months of 2016, through its refining and petrochemical divisions, the company exported a total quantity of products of over 1.7 million tones, mainly to partners in the Black Sea region. Rompetrol Rafinare is the largest oil products exporter in Romania and the second exporter at the national level.
However, through its operations, Rompetrol Rafinare continued to be an important contributor to Romania’s state budget, paying over USD 951 million at end-Q3 of 2016. KMG International Group paid, starting with 2007, over USD 13 billion to Romania’s state budget.