Romanian oil refiner Rompetrol Rafinare boosts turnover in Q1

Romanian oil refiner Rompetrol Rafinare, member of the group KMG International, recorded a gross turnover of USD 821 million in the first three months of the year, up 15% year-on-year. Its consolidated operating result (EBITDA) amounted to over USD 34 million, similar to the first three months of 2016, according to Rompetrol Rafinare’s quarterly financial report. The company’s consolidated net profit approached the break-even. During this period, the refiner’s consolidated results were supported by the positive evolution of the Petromidia Navodari and Vega Ploiesti refineries. The two refineries’ consolidated operating result (EBITDA) amounted to USD 27 million, up 31% year-on-year. Their turnover reached USD 698 million, up 21% over the same period last year. The two refineries secured over 40% of Romania’s production capacity, said Rompetrol Rafinare general director Yedil Utekov. The majority stakeholder in Rompetrol Rafinare is the group KMG International while the Romanian state has a minority 44.7% stake in the company. editor@romania-insider.com