Romania's biggest refinery hopes for 25% stronger exports this year

The largest refinery in Romania, Rompetrol Rafinare, part of the Kazakh group KMG International, counts on better results this year driven by the return of demand for petroleum products.

Rompetrol Rafinare was the 15th largest exporter in Romania in 2020 and the largest oil company according to this indicator. It expects 25% stronger exports in 2021.

Rompetrol said on May 17 that its Petromidia refinery processed 1.265 million mt of feedstock in Q1, up from 1.24 million mt in the year-ago quarter. Its utilization was 84%, "higher by more than 10% compared to the same period of 2020," the company said, quoted by Ziarul Financiar.

Plants in Europe expect better Q2, although demand remains below 2019. Italian refiner Saras said on May 11 that it expected the refining environment to improve in the second quarter of 2021, with gasoline crack spreads already rising sharply along with expectations of a stronger diesel market.

"Gasoline has been extremely healthy in the quarter, with crack levels at some of the highest in five-year range while diesel is still suffering from an overhang, with air transport still having to pick up and negatively affecting crack levels," Saras CEO Dario Scaffardi said during a conference call.

(Photo: KMG International Facebook Page)