Romania's Rompetrol Rafinare boasts record revenues and smaller losses

Rompetrol Rafinare group, which includes the parent company Rompetrol Rafinare (Petromidia refinery) and its downstream, gas, services logistics and petrochemicals subsidiaries, announced that its consolidated gross revenues rose by 8% YoY and exceeded USD 1 bln in the first quarter of the year.

In Q1 2021, the total throughput for the Petromidia refinery was 1.26 mln tonnes, 2% higher compared with the same period last year.

The revenues and profitability were driven up by the slight increase in the volume of crude oil processed, but particularly by the increase in refining margin (34 USD/to in Q1 2021 as against 21.9 USD/to in Q1 2020).

The group's operating profit (EBITDA) shifted from a negative value of approximately USD 15.5 mln in Q1 last year to a positive level of almost USD 30 mln in Q1 this year.

At the same time, the net loss contracted from over USD 87 mln to less than USD 15 mln in the first three months of 2021.

"We have had a very difficult year, in all respects, in which we have had unprecedented pressure in the market. However, we have successfully completed the overhaul of the Petromidia refinery, which currently provides us with optimal operation, but also the possibility to adapt our production to the growing demand for petroleum products. Together with the Group's retail divisions in Romania, the Republic of Moldova, Bulgaria and Georgia, we continue to be a pillar of stability in the supply of petroleum products but also support in the fight against the pandemic, " said Felix Crudu Tesloveanu, General Manager of Rompetrol Rafinare.

The main shareholders of Rompetrol Rafinare SA are KMG International (54.63% - directly and indirectly) and the Romanian State, through the Ministry of Energy (44.7%).

(Photo: Rompetrol KMG International Facebook Page)