Rompetrol logs $560m H1 turnover

Rompetrol, the main private oil group on the Romanian market, posted H1 turnover worth 560 million dollars and EBITDA amounting to 21.7 million dollars. During the same interval, the group’s contribution to the state budget amounted to 153 million dollars, accounting for about 4.6% of Romania’s total budgetary revenues.

The main company within the group, Rompetrol Rafinare (Rompetrol Refinery), derived operating profit worth 14.2 million dollars in the first six months of the year. This indicator is expected to exceed 22 million dollars in the second half.

Rompetrol Rafinare’s gross H1 turnover reached 487.8 million dollars. Data point to a 32% increase against last year, as 2002 figures are linked to both refining and petrochemical activities developed by Rompetrol Rafinare Complex Petromidia. These operations were split in February and two distinct legal entities, Rompetrol Rafinare and Rompetrol Petrochemicals were established.

In the first half of 2003, Rompetrol Rafinare processed over 1.5 million tonnes of raw material, almost triple the volume registered in 2000, ahead of privatisation. Last year, the company processed 3.24 million tonnes and will process 3.8 million tonnes of raw material in 2003, as Rompetrol accounts for 32% of the market of finite oil products. For over 3 months, Petromidia refinery has been supplying only EURO products, following investments worth over 100 million dollars, which took two and a half years to complete. In H1, Rompetrol Rafinare exported about 713,000 tonnes of products, deriving income of about 200 million dollars, 2.3 times more as compared to the same period of 2000.

The second company on the Midia Navodari platform, Rompetrol Petrochemicals, plans to win a significant market share in the Balkan area. Last year, the division produced 56,098 tonnes of polypropylene, while in the first six months of 2003, Rompetrol Petrochemicals sold about 42,000 tonnes of the same product. The company anticipates that Rompetrol Petrochemicals will double turnover until the end of the year, with this indicator set to reach 200 million dollars next year.

Rompetrol Downstream, operating a number of 50 gas stations and over 130 franchised stations, registered H1 turnover of 94.1 million dollars, as compared to the 154 million dollars posted last year.

The wholesale distribution unit Romoil ended H1 with turnover worth 82 million dollars, as compared to $129 million on the entire 2002.

Rompetrol yesterday received a $330,000 grant from the US Trade and Development Agency, for the financing of a feasibility study linked to the modernisation of installations owned by Petromidia refinery.
dorin.oancea@zf.ro