It said its consolidated gross revenues reached over $1.1 billion in the first quarter, down 6% on the year, due to lower market quotation and lower sales.
The company’s results were affected by inflation, which grew 54% compared with the first quarter of 2018, and by the depreciation of the Romanian leu to the US dollar.
The company said its consolidated results in terms of EBITDA and the net result were affected by the high volatility of oil and gas market environment in the first quarter, mainly triggering significant pressure in the gross refinery margins in Q1 2019, which decreased substantially from the comparison benchmark of Q1 2018.
Rompetrol Rafinare’s EBITDA dropped 50% on the year in the first quarter, to $17 million.
Rompetrol’s Petromidia Navodari refinery processed over 1.5 million tons of raw materials in the first quarter, similar to the same period last year. Rompetrol Rafinare plans to process more than 6 million tons of raw materials in 2019, which would be a new record high.
It’s Vega Ploiesti refinery, the oldest refinery in Romania, processed 79,000 tons in the first quarter, up 3% on the year.
Rompetrol Rafinare plans to invest over $63 million in 2019, of which $50 million for maintenance and upgrades at Petromidia.
Rompetrol Rafinare is 48.1%held by KMG International and 44.7% by the Romanian state.