Romanian Rompetrol Rafinare has USD 57 mln investment budget this year

Rompetrol Rafinare, a Romanian company that operates the biggest oil refinery in the country – Petromidia, plans to invest USD 56.9 million in its local operations this year. The company will invest USD 44.26 million at the Petromidia refinery, another USD 5.83 million at the Vega refinery in Ploiesti and USD 6.81 million in the petrochemical operations. The company estimates a gross turnover of USD 3.55 billion this year, as it plans to deliver 5.11 million tons of fuel and petrochemical products. Rompetrol Rafinare expects higher fuel sales on external markets, namely Georgia, Greece, Turkey, Lebanon, Bulgaria, Serbia and Moldova, but lower sales on the local market. Last year, the company’s gross turnover went up by 16% over 2016, reaching USD 4.15 billion. Rompetrol Rafinare is controlled by oil group KazMunayGas International while the Romanian state holds a minority stake in the company. editor@romania-insider.com