North Macedonian oil refinery OKTA recorded net loss in Q1 2020

, SEE Energy News

OKTA is the main supplier of fuel in North 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. North Macedonian oil refinery OKTA, owned by Greek Hellenic Petroleum recorded a net loss in the amount of 4.75 million euros in the first quarter of 2020, compared to a net profit of 380,000 euros recorded in the same period last year. The company’s sales revenues dropped by 11.5 % in the first three months of 2020, reaching 80.7 million euros, of which 65 million euros was achieved in the domestic market (14 % decrease compared to Q1 2019) and 15.7 million euros on the foreign markets, which is 4 % less compared to last year’s first quarter.