Rompetrol Rafinare increases turnover but posts loss in the first half of the year

Rompetrol Rafinare, part of the Rompetrol Group, posted a net loss of USD 119 million in the first half of this year, the company has announced. At the same time, the operational result (EBITDA) was negative, amounting to USD 24,7 million. The company's consolidated turnover was of USD 1.76 billion, up 24 percent compared to the same period of last year. “The results obtained by Rompetrol Rafinare were influenced by the significant evolution of the domestic and international conditions, but also by external factors, independent from refinery’s activity. They include a 50 percent increase in oil assessments, which resulted an increase in working capital and related financing, differences of the exchange rate in the context of the depreciation of the national currency, and the international financial crisis,” the company wrote in its release to the Bucharest Stock Exchange, where its shares are being traded. In the first half of 2010, Rompetrol Rafinare together with its subsidiaries Rompetrol Petrochemicals and Rompetrol Gas recorded a total level of exports of USD 554 million, increasing by 15 percent as compared to the first half of 2009. The total level of investments in the first half of the year amounted to approximetely USD 54 million and aimed at both operational efficiency of the Petromidia and Vega refineries, and at continuing the program to increase the refinery processing capacity in Petromidia, up to 5 million tonnes of raw materials. Rompetrol Petrochemicals, the petrochemicals division of Rompetrol Group, recorded in the first half an increase by 33% of its turnover, up to a level of more than USD 146 million and a positive operating result (EBITDA) of approximately USD 5.4 million due to the improvement of the international quoted prices of petrochemicals as compared to the first half of 2009.