Rompetrol Rafinare 1Q Revenue Falls 33%; Loss Narrows

05.14.2015 By Bogdan Neagu

Rompetrol Rafinare, the largest Romanian unit of Kazakhstan’s KazMunayGas, Thursday reported a strong decline in revenue but an even more important improvement of its net result.

Rompetrol Rafinare, the refining and retail arm of the KMG International, said its net loss for the first quarter stood at 0.52 million US dollars, significantly narrower than $26.8 million in January-March 2014.

The company recorded a consolidated turnover of $878 million in the first quarter, down 33% from $1.3 billion in the same period of 2014, mainly due to the decrease of international oil prices, despite an increase in sales volumes.

Rompetrol Rafinare owns two refineries in Romania, Petromidia and Vega, and a distribution business (Rompetrol Downstream) consisting of more than 740 selling points, including own stations, partner stations and mobile stations.

Petromidia accounts for around 43% of the country’s refining capacity, Petromidia accounts for 43% of Romania’s refining capacity, with a processing capacity of more than 5 million tons/year, after investments of more than $1.3 billion made by KMG International and KazMunayGas.

For this year, the company expects investments amounting to $112 million.