KMG International reaches pre-tax profit of USD 145 mln

KMG International, the former Rompetrol Group, reached a pre-tax profit of USD 145 million in the first nine months of this year, up 6% compared to the same period last year. The gross turnover amounted to about USD 5 billion during this period, according to a press release. The group didn’t publish the figure on its net turnover. The press release stated a series of reasons for the increase in the pre-tax profit: “increasing synergies with the parent company," “development of the Rompetrol presence in the Black Sea region," and “the involvement of employees in reaching these results”. The Kazakh state-owned oil company KazMunayGas is the single shareholder in KMG International. The company operates two refineries, Petromidia Navodari and Vega Ploiesti, as well as the petrochemical division. Petromidia Navodari is the largest oil refinery in Romania. It processed 15,510 tons of oil per day in the first nine months of 2016, up 3% compared to the same period last year. The group also has a network of 729 fuel stations in Romania and fuel distribution operations in Bulgaria, Moldova, and Georgia. editor@romania-insider.com