Rompetrol Rafinare feels the shift in oil quotations with 32 pct drop in turnover in 2015

Rompetrol Rafinare posted a net consolidated result amounting to USD 62 million in 2015, while the gross consolidated turnover dropped by 32 percent, reaching USD 3.8 billion, according to the company’s financial data.

The drop in turnover was owed to the significant decrease of the international quotation of the oil products, company representatives say, although the Petromidia and Vega refineries turned a profit for the first time in 11 years.

The operational consolidated result (EBITDA) amounted to USD 112 million in 2015, increasing by 30 percent compared to the one related to the year 2014 (USD 86 millions).

Petromidia, a refinery which ensures more than 40 percent of Romania’s capacity, processed 4.95 million tons raw material in 2015, a level similar to the levels reached in 2014 (5.05 million tons). Over 15,000 tons of raw materials were processed every day in 2015, the biggest quantity processed since the commissioning of the refinery (1979). Though operations in the refinery had to be stopped for revision, Petromidia produced the biggest quantity off Diesel oil from its history (2.47 million tons) in 2015, at the best productiveness (50 percent, compared to 48.8 percent in 2014 and 46 percent in 2013).

The 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 and an increase of the demand on the regional market.

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According to the company, the international oil quotations were sorely felt in the last quarter of 2015 also, with the quantity processed by the Petromidia refinery dropping by 37 percent y-o-y to 0.8 million tons.

Romperol Rafinare’s turnover dropped 43 percent in the last quarter of the year, to USD 740 million, while the EBITDA indicator stood at USD 21 million (down by 11 percent). This resulted in a net negative result of approximatively USD 3.7 million.

Though the company’s exports increased by 2 percent in 2015 over the previous year, the total value of exports showed a lower level than in 2014, reaching some USD 1.3 billion.

Rompetrol Rafinare payed the state budget for their refining activities over USD 284 million in the fourth quarter of 2015 and some USD 1.4 billion for the whole year.

The company’s refinery segment had a turnover exceeding USD 3 billion in 2015, dropping by 35 percent over 2014. The quantity of processed raw material was of 4.95 million tons in 2015, decreasing by 2 percent compared to the last year. The rate of use of the refinery capacity was of 76.48 percent in 2015.

The petrochemistry division of the company processed more 142 thousand tons, decreasing by 4.5 percent compared to the previous year.

The turnover of the distribution segment amounting to USD 2.3 billion was by 28 percent lower than the one recorded last year, on the back of  a decrease of the international quotations, but also of the increase of the USD/RON exchange rate by 15 percent in the fourth quarter of the year and by 20 percent in 2015, compared with the same periods of the previous year.

Natalia Martian