Romania’s biggest oil refinery remains in the red

The net consolidated losses of Romania’s largest oil refiner Rompetrol Rafinare (also known as Petromidia refinery), a member of the Kazakh state-owned KMG International Group, rose nearly four-fold to USD 14.04 million in the first quarter of this year, from USD 3.77 million in the same period last year.

The consolidated financial statements of Rompetrol Rafinare include the results of the parent company Rompetrol Rafinare (Petromidia and Vega refineries) and its subsidiaries Rompetrol Downstream, Rompetrol, Rompetrol Quality Control, Rom Oil SA, Rompetrol Logistics and Rompetrol Petrochemicals.

Rompetrol Rafinare group achieved a gross consolidated turnover of over USD 1.1 billion in the first quarter of 2019, down 6% from the first quarter of 2018, negatively influenced by lower market quotes compared to the similar period and a lower sales volume in the first quarter of 2019.

The company’s consolidated earnings before interest, depreciation and amortisation (EBITDA) and net result were affected by the high volatility of the oil and gas market environment over the period, mainly by a significant pressure on gross refining margins in the first quarter of 2019, substantially lower than the comparable benchmark of the 2018 equivalent period. The refining margin dropped to USD 35.1 per ton compared to USD 44.5 per ton in Q1 2018, shows the report.

(Photo source: Facebook/Rompetrol-KMG International)