The Finance Ministry data show Petrotel-Lukoil, which has an oil processing capacity of 2.4 million tons, ended 2015 with 4.3 billion lei (almost EUR1 billion) revenue, 33% lower than in 2014. Despite the decline in revenue, the company posted RON15.1 million profit compared with RON308 million losses in 2014. Petrotel Lukoil made more than RON2.2 billion losses in 2010-2014 alone.
Oil price plummeted from an average of $100 to less than $50 last year, dividing the industry into two sides. While drilling companies were hard hit and shelved $380 billion worth of projects, the refining companies benefited from the low price and the renewed appetite for oil product consumption.
This global trend helped the refineries in Romania bounce back and led to a 5% increase in fuel consumption, something unheard of since the onset of the crisis.
Rompetrol Rafinare, the company that manages the largest refinery in Romania, Petromidia and the only one on the Black Sea shore, posted RON84 million net profit after 11 years of losses.
OMV Petrom’s refining and retail division posted operating income, which turned out to be unable to offset the losses of the exploration and drilling division. Petrom ended the year with RON630 million losses, the first since its 2004 privatization.
(English version by Loredana Fratila-Cristescu)