KMG International (former Rompetrol Group) recorded in the first nine months a net profit of 11.4 million dollars, compared to the losses of 30 million dollars in the same period in 2014, even though business fell due to the decline of the international oil quotation, writes Mediafax.
The group also part of the national oil and gas company of Kazakhstan – KazMunayGas, recorded in the first nine months of the year, an operating result (EBITDA) of 136.1 million dollars, up 11% from the level recorded in same period in 2014, it said in a statement KMG International. During July-September, the operating profit amounted to 54.1 million dollars.
“The operational and financial performances achieved by the group in the period 2014 – 2015 are historical records and have as base the measures taken to consolidate and streamline the core activities – refining, retail and trading in the Black Sea and the Mediterranean Sea, being supported by aid of about $ 1.6 billion given by the sole shareholder from 2007 to the present. Given that the refining sector has been strongly affected by the financial crisis, our long-term strategy aimed at expanding and modernizing the Năvodari refinery, the development of the retail segment in Romania, Bulgaria, Moldova and Georgia, as well as that of trading in Turkey, France, Spain and Singapore,” said General Manager of KMG International, Zhanat Tussupbekov.
Amid the depreciation of the major raw materials (crude oil) and finished products, the gross turnover recorded by the group in the first nine months decreased by 25%, from about 10.3 billion dollars in the same period last year to 7,7 billion dollars in January-September this year.
The feedstock processed by the three production units of KMG International (Petromidia Năvodari refinery, Vega refinery and the petrochemical division) in January – September was 4.5 million tons, up by 11%.
Meanwhile, the sales of finished products (trading, exports) made by Rompetrol group entities and business partners of the Black Sea and Mediterranean Sea have increased by 6% to a level of 5.6 million tonnes. Over 36% of this amount has been delivered through subsidiaries in Romania, Georgia, Moldova, Bulgaria and the rest of the house Trading – KMG Trading Switzerland and Dyneff France – Spain.
The Rompetrol Rafinare regional exports were assessed in the first nine months of the year by about 28% (350,000 tonnes). With a processing capacity of 5 million tons of raw material / year, Petromidia Năvodari is the main asset of the company Rompetrol Rafinare and KMG International, the largest refinery in Romania and one of the most modern of its kind in the Black Sea area.
Rompetrol Rafinare stopped for the period October 11 to November 20, the activity of the refinery and of the petrochemical division, in order to conduct a scheduled overhaul, which takes place every five years. The total level of works and investments that will be realized during this period is estimated at 77.5 million dollars.
Domestically, sales of finished products through the Group’s subsidiaries Rompetrol Rafinare, Rompetrol Downstream and Rompetrol Gas in the first nine months reached a volume of about 1.76 million tons, up 3% compared to the same period the index obtained 2014.
The distribution network of Rompetrol fuels in Romania is composed of over 740 supply points (Rompetrol stations, Partner Rompetrol, Rompetrol Expres, internal bases of 9 and 20 m), 230 LPG stations, 9,000 distribution points for gas cylinders, three LPG fueling stations in Constanta, Arad and Bacau, and eight warehouses (Arad, Craiova, Mogosoaia, Şimleul Silvaniei, Wah, Zarnesti, honest and one inside the refinery).