Romania’s largest refinery Rompetrol Rafinare hit by lower oil price this year

Rompetrol Rafinare Group, the owner of the Romania’s largest oil refinery - Petromidia, remained in the red in the third quarter of the year, with a consolidated net loss of USD 7.5 million in the quarter and USD 27 mln in the whole January - September period.

Last year, the company recorded profits of USD 30.5 million in the third quarter and USD 33.3 mln in the first three quarters.

The group’s results were positive in the marketing segment and negative in the refining and petrochemistry segments.

The financial results this year were negatively affected by lower refining margins compared to the similar periods in 2018 despite the similar sales volumes, the company explained.

The volumes of oil processed in the group’s two refineries remained roughly steady at 1.6 mln tonnes in Q3 and 4.8 mln tonnes in January - September.

The consolidated gross revenues dropped by 32%, to USD 1.04 billion in Q3, while the January - September revenues edged down by 6% year-on-year to USD 3.9 bln.

The operational profit shrank by 42% year-on-year in Q3 (to USD 42 mln) and by 36% year-on-year in January - September (to USD 101 mln).

Rompetrol Rafinare is controlled by KMG International - the Dutch registered division of the Kazakh state oil giant KazMunayGas.

(Photo: KMG International Facebook Page)