The consolidated operating result (EBITDA) registered, as well, an increase, by 33% in the first 9 months of 2016 compared to the same period in 2015, to over $121 million.
According to the company, the company’s positive results have been supported by the production processes optimization programs, the increase of the share of white products (gasoline, diesel, kerosene) in total finished products, as well as by reducing the operating costs, process which started in 2014 and continued successfully in 2015 and 2016.
“Rompetrol Rafinare’s continuous performances have been achieved following investments supported by KMG International and its sole shareholder, the national oil and gas company in Kazakhstan, KazMunayGas, in order to increase the processing capacity of the Petromidia refinery, its flexibility, as well as in modernizing the industrial facilities, which amounted to over 1.4 billion USD starting 2007, the moment of the acquisition”, said Yedil Utekov, general manager Rompetrol Rafinare.
The evolution of the financial indicators was as well positively influenced by the refining margins, which have improved in 2016, and in the first 9 months of the year the gross margin was 10% higher than in the same period of last year. Given a production for Petromidia refinery of over 3.8 million tons of raw material in the first nine months of 2016, the sales of the refining division marked a 4% increase on the internal market, while the export sales have decreased due to lower market demand.
In the first 9 months of 2016, through its refining and petrochemical divisions, the company exported a total quantity of products of over 1.7 million tones, mainly to partners in the Black Sea region.
Rompetrol Rafinare is the largest oil products exporter in Romania and the second exporter at the national level. Through its operations, Rompetrol Rafinare continued to be an important contributor to Romania’s state budget, paying over $951 million in the first 9 months of 2016.
The Group KMG International paid, starting with 2007, over $13 billion to Romania’s state budget.
Rompetrol Rafinare’s main shareholder is the group KMG International, the Romanian state holding 44.69% of the shares. Holding shares in Rompetrol Rafinare is automatically reflected in the companies the enterprise controls, directly and indirectly.
Rompetrol Rafinare operates Petromidia refinery, Vega refinery and the petrochemicals division.
Rompetrol Downstream operates the gas station network and the Rom Oil warehouse network.