Petromidia turnover up

Rompetrol Rafinare, the main company in the petroleum group Rompetrol, estimates that its turnover rose 27.4% in 2004 from the previous year to a total of 1.44bn dollars (1.16 billion euros). Operating income in the same period rose nearly fivefold, from 16 million dollars to 76.1 million dollars, due to investments by Petromidia and the price increases for petroleum and petroleum-derived products. As yet the figures are only estimates using international accounting standards and are non-consolidated and have not yet been audited, explained company officials. The final results would be announced by the end of January, the officials added. The turnover estimate for last year is 7% higher than the budgeted figure at 1.347 million dollars. Philip Stephenson, vice-chairman of the Rompetrol Group and one of its shareholders, last autumn estimated Petromidia’s 2004 losses at $18-$19 million, using the same IAS standards. The performance of the company was the result of “the investments made after privatisation,” explained Sorin Potanc, general manager of Rompetrol Rafinare. ZF