Rompetrol losses increase after first quarter in Romania

Rompetrol Rafinare, part of the Rompetrol group, reported a turnover of USD 1.1 billion in the first quarter of this year, a 2 percent increase compared to the first quarter of 2011. The company ended the first quarter on loss, with a net loss of USD 62.7 million, 5.5 times higher than in the first quarter of 2011. In the first three months of 2011, Rompetrol Rafinare posted a loss of USD 11.3 million.

Rompetrol Rafinare includes Rompetrol Rafinare SA, Rompetrol Petrochemicals, Rom Oil, Rompetrol Downstream, Rompetrol Logistics and Rompetrol Gas. Financial indicators were influenced by the volatility of external and domestic quotations for raw materials and end products, as well as by the drop in the refining margin. Exchange rate fluctuations, the cost of workforce and the need to continue the investment program also impacted the company's results. Ronmpetrol's refining segment is made up of the Petromidia refinery and the work point Vega Ploiesti. The refining business brought it a loss of USD 45.5 million, compared to a net profit of USD 7.1 million in the same period of 2011. The company's turnover from its gasoline section was of USD 542.4 million, slightly dropping from the same quarter in 2011. Loss on this segment reduced by 54 percent, to some USD 11.4 million. Rompetrol runs 758 gas stations in Romania and 220 stations for liquified petroleum gas (LPG). The group is controlled by KazMunaiGaz from Kazakhstan. editor@romania-insider.com