Rompetrol's refinery business in Romania increases losses to USD 252 mln in 2011

Rompetrol Rafinare, the refining subsidiary of Rompetrol Group, posted a consolidated turnover of USD 4.8 billion in 2011, up 35 percent over the previous year, but reported higher losses then the year before. The company posted losses of USD 252 million last year, up from USD 199 million posted in 2010. Rompetrol Rafinare’s operating result (EBITDA) went up 8 percent, from USD 5.9 million in 2010 to USD 6.36 million in 2011.

Dynamics of crude and petroleum products, negative refining, the cost of working capital insurance and of corresponding financing, as well as fluctuations of exchange rate all had an impact on the company’s 2011 results. The total exports of Rompetrol Rafinare, Rompetrol Gas and Rompetrol Petrochemicals had a year-on-year increase 53 percent, to USD 1.5 billion. The company’s total state contributions amounted to USD 1.2 billion in 2011, up from USD 1 billion in 2010. Rompetrol Rafinare operates the Petromidia refinery in Constanta, on the Black Sea seaside. The Rompetrol Group, majority owned by KazmunaiGaz, also runs the Vega refinery in Ploiesti, close to Bucharest, as well as Rompetrol Petrochemicals. The group's retail network, Rompetrol Downstream, includes over 780 gas stations in Romania. Irina Popescu, irina.popescu@romania-insider.com