The company said in its half-year earnings report its losses deepened due to unprecedented volatility in the oil market and the impact generated by the influences of COVID-19 on the demand for petroleum products.
In addition, the Petromidia Navodari refinery (KMGI’s main asset in Romania) was shut down between March and April for the general turnaround.
Rompetrol Rafinare’s gross turnover in the first half of the year reached RON3.8 billion, down 46% from RON7.2 billion in the first half of 2019.
The company posted an operating loss of RON437 million in the first half, from an operating profit of RON12 million in the same period in 2019.