KMG International sees its best financial results in 20 years

Oil group KMG International, the former Rompetrol group, reached a net profit of over USD 77.2 million in the first nine months of this year, up six times over the same period of last year. Its operational profit EBITDA increased 24%, to USD 180 million while the gross turnover increased by 28%, to USD 6.4 billion. These are the best financial results in the group’s 20-year history and were possible due to record operational indicators. The group’s Petromidia refinery in Romania processed some 18,000 tons of raw materials per day in October, the highest recorded value in its 41 years of operation. The group’s retail sales also reached historically high values in the first nine months of this year. For the whole year, KMG International expects a refining volume of some 5.6 million tons of raw materials, 4.5% higher than the record in 2016, and to sell some 5.3 million tons of petroleum products. The Rompetrol group was set up in the late ‘90s by Romanian businessman Dinu Patriciu, who sold it to Kazakhstan’s state oil group KazMunayGas in 2007. Last year, KazMunayGas reached an agreement with China Energy Company Limited (CEFC) to sell it 51% of the group’s shares. KMG International owns 54.6% of the biggest oil refinery in Romania, Petromidia, and is the second biggest fuel distributor on the local market, with 789 gas stations. editor@romania-insider.com