Oil & Gas

Rompetrol Rafinare, historical record in the last 11 years

[eltdf_dropcaps type=”normal” color=”” background_color=””]R[/eltdf_dropcaps]ompetrol Rafinare, company member of KMG International Group, registered a net consolidated result amounting to USD 62 million in 2015, thus marking the shift on profit of the Petromidia and Vega refineries, a historical record of the last 11 years. The operational consolidated result (EBITDA) amounted to USD 112 million in 2015, increasing by 30% compared to the one related to the year 2014 (USD 86 millions).

“The record operational and financial results reached in 2015 by Rompetrol Rafinare confirm the success of the investment policies achieved by KMG International and by the sole shareholder KazMunayGas, national oil and gas company from Kazakhstan, starting from the moment of the acquisition. On Petromidia platform, the investments made between 2007 – 2015 for the modernization and increase of the production capacities, as well as for the alignment of the products to the international environment and quality standards, exceed the value of USD 1.4 billion. By the performances of the production entities, KMG International reconfirms the role of important player in the region of the Black Sea and of strategic partner for Romania in the energy sector,” stated Azamat Zhangulov, Senior Vice President KMG International.

Petromidia, that ensures more than 40% of Romania’s capacity of refinery, processed 4.95 million tons raw material in 2015, a level similar to the record reached in 2014 (5.05 million tons) in conditions in which the production installations were temporary stopped for the general scheduled revision for 40 days, operation that was completed successfully, in safety conditions. Over 15,000 tons of raw materials were processed every day in 2015, the biggest quantity processed since the commissioning of the refinery (1979). For the second consecutive year, the refinery reached to a record level of the productiveness for white products (gas, Diesel oil, Jet), of 85.7%, and the EII index, measuring the energetic intensity, was of 98.6 points, the best level recorded until now by Petromidia. At the same time, the mechanic availability of the refinery reached the record level of 96.9%, in 2015. Petromidia produced the biggest quantity off Diesel oil from its history (2.47 million tons) in 2015, at the best productiveness (50%, compared to 48.8% in 2014 and 46% in 2013). Also, Vega Refinery processed record quantities of bitumen (80,000 tons) and of hexane (71,000 tons), due to the improved quality of the raw material an increase of the demand on the regional market.

The exports of Rompetrol Rafinare maintained the ascending trend from quantitative point of view in 2015, being more with 2% compared to those in 2014. The value of the exports raised too approximately 1.3 billion USD in 2015, lower level compared to the year 2014.

Rompetrol Rafinare continued to be an important payer to the state budget of Romania, paying for the refining activities over USD 284 million in the 4th quarter of the year 2015 and almost USD 1.4 billion in the year 2015.

The significant decrease of the international quotation of the oil products determined a descending evolution of the gross consolidated turnover from 2015 (-32%), of which value reached to USD 3.8 billion.

In the 4th quarter of 2015, the general turnaround of the refineries and also the international quotations of the oil products the raw material influenced the financial and operational indicators for the period. Thus, the quantity processed by Petromidia Refinery was of more than 0.8 million tons, decreasing by 37% compared to the similar period of the past year, when over 1.3 million tons were processed. The turnover from the 4th quarter of 2015 was of USD 740 million (-43%), the EBITDA indicator situated at the level of USD 21 million USD (-11%), and the net result of 47.4 million USD.

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