Rompetrol Rafinare Sees 22% Higher Revenue In 2011

04.29.2011 By Florentina Dragu

Romanian Rompetrol Rafinare (RRC.RO), the refining unit of the country's second-largest oil group Rompetrol, estimates a 22% increase in pretax revenue to $3.43 billion this year, according to the company’s revenue and expenditure budget approved Friday.

Romanian Rompetrol Rafinare (RRC.RO), the refining unit of the country's second-largest oil group Rompetrol, estimates a 22% increase in pretax revenue to $3.43 billion this year, according to the company's revenue and expenditure budget approved Friday.

Net revenue is seen at $2.68 billion, up 21.2% from $2.2 billion in 2010.

Rompetrol Rafinare expects it will swing to operating profit of $28.9 million in 2011, from loss of $28.6 million a year earlier.

The company estimates overall processed oil will reach 4.17 million tons in 2011.

In 2010, Rompetrol Rafinare sold 2.34 million tons of processed oil.

The company has scheduled total investments of $216.18 million in 2011.

Rompetrol Rafinare is part of Dutch-headquartered The Rompetrol Group, which is fully owned by Kazahstan's KazMunayGas.

On the Bucharest bourse Thursday, Rompetrol Rafinare closed down 0.37% at RON0.0544 a share.