Rompetrol Rafinare reports increased losses

Rompetrol Rafinare (RRC), part of the Rompetrol Group, has reported USD 139.6 million of losses for the first nine months of the year, a hike of 29.1 percent from the same period of last year. The company’s consolidated businesses grew 18 percent, to USD 2.1 billion.

Rompetrol Rafinare and Rompetrol Petrochemicals interrupted their activity on September 20, in order to carry out works related to the general scheduled overhaul.

 In the first nine months of this year, Rompetrol Rafinare’s total exports, along with those of its subsidiaries Rompetrol Gas and Rompetrol Petrochemicals, reached over USD 774 million, an increase of 10 percent over the same period in 2009.

Rompetrol Rafinare paid USD 71 million in August for the bonds issued by the company under an agreement concluded between Rompetrol Rafinare and the Ministry of Finance in December 2003. Besides this sum, the company paid between 2004 and 2010 accrued interest on bonds totaling over USD 250 million.

According to the legal requirements the bonds unredeemed by the due date (September 30, 2010) were converted into shares. Following this operation, the amount by which the share capital was increased was directly awarded to the Romanian state, specifically the Ministry of Finance, which became a shareholder in the firm, holding a 44.7 percent stake of its total share capital.

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Dana Verdes