The company’s losses were three times lower in 2014 than in 2013 in one of its most delicate years ever in Romania, when it was involved in a EUR230 million tax evasion scandal. Petrotel-Lukoil is the third largest refinery in Romania.
The company’s 2014 filings show Petrotel posted RON6.4 billion revenue, 16% higher than in 2013. What should be noted, though, is that its losses shrank from RON928 million in 2013 to RON308 million in 2014.
One of the factors that might explain it is a better cost control, as the reports of the Russian group show that processing spending at its international refineries went down by about $33 million.
On the other hand, the data of pipeline transport operator Conpet Ploiesti show a significant increase in the amount of oil that transited its pipelines to the refinery in Ploiesti, from 1.8 million tons in 2013 to 2.5 million tons last year. This rise in volumes might explain the rise in revenue and the decline in losses made possible by lower fixed costs.
The number of employees went down from 468 people to 444 in 2014. (EUR1=RON4.4588)
(English version by Loredana Fratila-Cristescu)