Romania: Rompetrol Rafinare achieved higher profit in the first quarter

, SEE Energy News

Romanian oil company Rompetrol Rafinare, a part of Kazakh KMG International, recorded consolidated net profit of 14.8 million euros in the first quarter of 2016. In comparison, the company recorded loss of 41.7 million dollars in the same period just two years ago.

The company’s operating result totaled 91 million dollars, which is 45 % higher that in the first quarter last year. The company has two refineries and the petrochemical division, which all processed 4.25 million tons of raw material in the first three months of 2016, 11 % more than in the same period in 2015.

However, gross turnover of Rompetrol Rafinare in the first quarter amounted to about 3 billion dollars, which is 29 % lower than in the same period last year, mainly due to lower international prices of petroleum products.

Rompetrol Rafinare is part of KMG International, which is controlled by Kazakh state-owned oil company KazMunayGas. The state of Romania is the second largest shareholder of KMG International, which owns 44.7 % of the shares. The company owns two refineries in Romania – Petromidia and Vega and has a network of 700 petrol stations. The company has recorded a net profit of 62 million dollars in 2015, which is the best financial result in the past 11 years, transmits