Rompetrol Rafinare losses increase 26 percent y/y to USD 252 mln in 2011 on soaring oil prices and increased provisioning

Losses of Rompetrol Rafinare, member of Rompetrol Group, have expanded by 26.6 percent y/y to USD 252 million in 2011, due to rising prices in crude oil and petroleum products, a negative refining margin and increased working capital costs. Turnover gained 35 percent y/y to USD 4.8 billion.

Exports of Rompetrol Rafinare, which includes (Rompetrol Rafinare – Petromidia and Vega refineries, Rompetrol Petrochemicals and Rompetrol Gas) gained 53 percent y/y to USD 1.5 billion.

The refining segment, which includes Petromidia refinery and Vega Ploiesti working point, posted a 16 percent y/y loss to USD 167 million, while turnover increased by 46 percent y/y to USD 4.1 billion. Provisioning of USD 14.4 million and reductions in fuel’s margins incurred this loss.

Rompetrol will increase the refining capacity in Petromidia this year, and construction works for 6 projects have been finalized in the last quarter of 2011.

The Distribution segment which has 5 subsidiaries including Rompetrol Downstream  has also reported increasing losses of 33 percent y/y to USD 49 million, due to provisioning of USD 15 million and increased prices for crude oil and petroleum products. Turnover gained 30 percent y/y to USD 2.8 billion. The volume of sold fuels was up 6 percent y/y to 1.5 million tons.

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Rompetrol Petrochemicals losses jumped to USD 41.5 million last year, mainly due to provisioning of USD 33 million and low margins on H2 2011. Turnover increased by 34 percent y/y to USD 355 million, while sales grew by 24 percent y/y on increased processing of raw materials.  

Ovidiu Posirca