Romanian oil company Rompetrol records lower turnover but shortens losses in 2012

Rompetrol Rafinare recorded a gross turnover of some USD 4.62 billion in 2012, around USD 200 million less than in 2011. The company, a member of Rompetrol Group, also saw pre-tax EBITDA profits nearly USD 77 million last year, compared to some USD 5.9 million in 2011. The overall net result for the year was however a USD 157 million loss, significantly lower than the USD 258 million loss recorded in 2011.

The company judged its fourth quarter results to be an improvement on 2011 Q4. Turnover was up from just over USD 1 billion to nearly USD 1.2 billion in Q4'12. As opposed to a pre-tax loss of approaching USD 37 million in Q4'11, Rompetrol Rafinare recorded EBITDA profits of USD 55 million in the final quarter of 2012. The net result for Q4'12 was a USD 42 million loss – more than USD 100 million less than the loss posted in Q4'11. Rompetrol Rafinare's best performing segment was its refining business, where it increased turnover, turned an EBITDA loss into a USD 58 million profit and shortened the overall losses. The distribution and petrochemical segments did not perform as well, however, in both, Rompetrol managed to shorten the overall losses for the year, despite lower turnovers. The total value of Rompetrol Refinery exports (Rompetrol Refinery – Petromidia and Vega Refineries, Rompetrol Petrochemicals and Rompetrol Gas) in 2012 reached USD 1.7 billion and the company made a contribution to the Romanian budget of over USD 1.2 billion via taxes, a similar level to 2011. Several external factors had an effect on the results, according to Rompetrol Rafinare. The Romanian currency's fall against the US dollar and the euro influenced results, but increased refining margins helped the refining company's figures. Rompetrol also confirmed that some USD 1.3 billion had been spent on the Petromidia refinery on the Romanian Black Sea from 2007- 2012. The capacity at the refinery was successfully upped to 50 tons in 2012, according to Rompetrol. The company is also considering adding a 5-megawatt gas-fired power plant to secure the energy consumption of the Petromidia refinery and make it more efficient. Kazakh oil and gas company KazMunaiGaz bought 75 percent in Romania- based Rompetrol from its former owner, Dinu Patriciu, in 2007. It bought the remaining 25 percent in 2009. editor@romania-insider.com