KMG International moves to profit despite lower sales

KMG International (the former Rompetrol Group), controlled by KazMunayGas, Kazakhstan’s state oil company, moved to profit in the first nine months of this year, recording a net profit of USD 11.4 million. By comparison, the company posted losses of USD 30 million in the same period last year. However, the group’s turnover went down by 25% to USD 7.7 billion, due to the lower international prices of crude oil and petroleum products. Between July and September, the group’s operating profit amounted to USD 54.1 million. KMG International has three production units in Romania, namely the Petromidia Navodari and Vega Ploiesti refineries, as well as one petrochemical division. The three units processed 4.5 million tons of raw material between January and September, up by 11% year-on-year. KMG’s Petromidia refinery is closed between October 11 and November 20 for the five-year general overhaul, a USD 77.5 million operation. The refinery can process over 5 million tons of oil per year and supplies the group’s distribution network in Romania, Bulgaria, Moldova, and Georgia. editor@romania-insider.com