Petrotel Ploiesti posts $3.3m losses

Petrotel Ploiesti refinery, belonging to the Russian oil group Lukoil, in the first half reported losses worth about 3.3 million dollars (110bn ROL), down $4 million as compared to the corresponding period of last year. The refinery’s turnover dropped, in dollars, by one third, and debts rose by about 16%, amid the initiation of an upgrading programme by the Russian group. The investment project is estimated at about $96 million and is to be finalised next year. IFC, the World Bank’s investment arm, has also voiced plans to participate in the respective investment programme. In the first half, the refinery derived turnover worth 77 billion ROL (2.3 million dollars). Revenues recorded from the sale of fuel and oil products from the refinery’s stocks reached 51.2 billion ROL ($1.5m) in the first six months of this year. At the end of June, the company’s debts totalled 1,095 billion ROL (33.1 million dollars), about 16% higher as compared to the same period of last year, as the first contracts with suppliers have already been landed and payments in advance worth $12-15 million were made, according to the latest information available. ZF