Romania, Rompetrol Rafinare turns to profit in H1 2022

, SEE Energy News

Rompetrol Rafinare, a member company of the KMG International Group, recorded, in the first semester of this year, increasing financial indicators, on the background of developments in international quotations for raw materials (crude oil, bio components, etc.) and petroleum products, as well as refining margin. The company’s net profit in the first half of the year amounted to 58.4 million dollars, compared to a loss of 22.8 million dollars in the same period last year.

CEO Felix Crudu-Tesloveanu said that, in the first half of the year, the company played an important role in the stability of fuel supply to customers in Romania and the region, despite the influences generated by the situation in the Black Sea region. The continuation of the investment program, the completion of scheduled turnaround works within the estimated period, the rapid alignment of production with the demand for petroleum products, the focus on the continuous improvement of operational flows and production costs supported the achievement of these positive results, in conditions of maximum safety, performance and environmental protection.

Thus, between January and June 2022, the company recorded a gross turnover of almost 3 billion dollars, an operational profit (EBITDA) of about 174 million dollars and a positive net result of 58.3 million dollars.

The financial results were significantly influenced by market volatility, but also by a growing local and regional demand for petroleum products (agriculture and transport), factors that determined record levels of refining margins. The European refining margin increased by 302.2 dollars/ton in Q2 2022 compared to Q2 2021 and averaged at dollars/ton. Half-yearly, the increase was weighed down by lower levels in the first quarter of the year, so the European margin averaged at 188.9 dollars/ton.

Rompetrol Rafinare was, also in the first part of the year, an important contributor to Romania’s state budget, with a contribution of 347 million dollars in the second quarter of the year and over 696 million dollars in the first half of 2022.

The refining segment’s gross turnover exceeded 1.5 billion dollars in Q2 2022 and 2.5 billion dollars in H1 2022, up from the same periods last year. At the same time, the net result of the segment was a positive one, of approximately 118 million dollars.

In the first half of the current year, 2.31 million tons were processed in the Petromidia Năvodari refinery, down 15 % compared to the same period last year, when 2.73 million tons were processed. The volumes were influenced by the technological stoppage in Petromidia between March and April, but which was followed by a stable return to optimal operational parameters.