Macedonia, OKTA refinery recorded profit in H1 2021

, SEE Energy News

North Macedonian oil refinery OKTA, owned by Greek Hellenic Petroleum recorded a net profit in the amount of 4.9 million euros in the first half of 2021, compared to a net loss of 3.7 million euros recorded in the same period last year. The company’s sales revenues rose by 26 % in the first six months of 2021, reaching 159.5 million euros, most of which was achieved in the domestic market.

The statement from the company said that the second quarter of 2021 was marked with
mellowing effects of the coronavirus crisis, International crude oil prices continued to recover, during which the country including the oil sector has shown signs of gradual recovery, supported by the ongoing summer season resulting in increased traffic and cross border movements. Still, the aviation sector is healing longer than expected,
with the demand lagging behind the anticipated levels; however, rest of the derivatives are exceeding the expectations, and contributing to the recovery of the fuel market.

Resilience and business continuity have been the cornerstones of OKTA’s strategy, supported by solid supply chain and partners. OKTA have thus exceeded to grow considerably its profitability compared to last few years. All of this has been possible while upholding stringent health and safety standards, ensuring that customer service remains unimpeded.

OKTA remains the main supplier of fuel in Macedonia , covering more than half of the needs of the domestic market and significant exports to Kosovo. The company owns Skopje refinery with installed capacity of 2.5 million tons.