Rompetrol Rafinare, member company of the KMG International Group (Rompetrol), recorded in the first quarter of 2024 a gross turnover of about 1.1 billion USD, down 15% compared to the same period last year. At the same time, the operational profit (EBITDA) recorded by the company was 33.2 million dollars, the net result having a negative value of 23.8 million dollars.
The operational and financial results were influenced by the volatility of international quotations for raw materials (crude oil, bio components) and petroleum products. Also, a major impact was determined by the stoppage of production activities in order to carry out the planned general turnaround of the Petromidia Năvodari and Vega Ploiești refineries, but also by the costs and investments programmed within them. The utilization rate of the Petromidia refinery was 68.9% in the first quarter, amid the scheduled shutdown of the units.
With an estimated total investment of 85 million USD in the implemented development projects, plus funds for maintenance and recertification works, the turnaround was a necessary effort for the optimal and safe operation of the largest refinery in the country.
The Petromidia refinery fully secures its crude oil requirements from external sources, especially from Kazakhstan. In the first quarter, the commodity appreciated by 2% from the average level of Q1 2023 and by 15% in the January-March period, from 75.7 USD/barrel (Brent crude oil) in early January to 86.9 USD/barrel, at the end of March.
Despite the non-operation of the installations during the turnaround period, Rompetrol Rafinare was consistent in supplying fuels to the domestic market, with 66% of the total supplied domestically. This business strategy aims to maximize sales returns in Romania, where the company is a factor of stability on the energy market.
At the same time, Rompetrol Rafinare supported, with important volumes of oil products, the subsidiaries of the KMG International Group, Rompetrol being the most important fuel supplier in the Republic of Moldova, Georgia and with a significant presence in Bulgaria.
The total value of exports made by Rompetrol Rafinare (through the refining and petrochemical divisions) in the first quarter of the year, amounted to 240 million USD, based on a volume of 312 thousand tons of petroleum products exported in January – March 2024.
Rompetrol Rafinare is one of the most important contributors to Romania’s state budget, paying over 316 million USD in Q1 2024.