Rompetrol Rafinare turnover reached 1.3 billion USD, up 10 percent in Q1

Rompetrol Rafinare, member company of the KMG International Group (Rompetrol), reached in the first quarter of 2023 a consolidated gross turnover of about 1.3 billion dollars, up 10 percent compared to the same period last year.

The evolution was driven by the higher amount of raw materials processed and products obtained in the Petromidia refinery, which supported the increase in sales volumes compared to Q1 2022.

The operational profit (EBITDA) recorded was 100 million dollars, and the net result was a positive one, of 14.5 million dollars.

Increasing results were also achieved in the context where, for approximately 10 days, the Petromidia refinery operated at reduced capacity for maintenance work, at the beginning of February. Rompetrol Rafinare continued to sell the products obtained, mainly on the domestic market, to ensure the increased demand for fuels in Romania. Thus, in Q1 2023, the company directed 63 percent of the gasoline and diesel produced in Petromidia to the domestic market.

At the same time, Rompetrol Rafinare supported, with important volumes of petroleum 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 334 million dollars, up 22 percent compared to the Q1 2022 period, against the background of a 45 percent higher volume of the quantities of exported products – 462 thousand tons in the period January – March 2023.

The significant shareholders of Rompetrol Rafinare SA are KMG International (54.63 percent – directly and indirectly) and the Romanian State, through the Ministry of Energy (44.7 percent).

The company’s refining segment recorded growing results, in terms of gross turnover – 1.1 billion dollars, an evolution of 14 percent compared to Q1 2022. Also, Rompetrol Rafinare managed to achieve positive results in terms of operational profit (EBITDA) – 100 million dollars, respectively the net result – 22.3 million dollars.

In the first quarter of 2023, the Petromidia refinery processed 1.28 million tons of raw materials, the crude oil coming exclusively from Kazakhstan, with the support of the sole shareholder of the KMGI Group – KazMunayGas.

Volumes increased by 31 percent compared to Q1 2022, which supported a high production level, with 343 thousand tons of gasoline and 620 thousand tons of diesel fuel produced at the Petromidia refinery. Thus, the largest refinery in the country managed to achieve a yield of white products of 83.51 percent.

Operational results were achieved with a degree of refining capacity utilization of 86 percent, driven by scheduled technological operations in the first quarter of the year, which included catalyst change and regeneration, decoking and other specific maintenance work.

In the first three months of this year, the Vega Ploieşti refinery increased the amount of raw material processed by 10 percent, compared to the first quarter of 2022, with over 76 thousand tons of processed raw materials, in order to obtain special petroleum products, with added value on the profile market.

In Q1 2023, the petrochemical division’s total polymer production was 26.3 thousand tons, down slightly from the same period last year. In addition, the total sales of the petrochemical segment registered a 10 percent decrease, reaching 36 thousand tons traded in January-March 2023.

In the first quarter of the year, the consolidated gross turnover of the distribution segment registered a value of more than 792 million dollars, in a slight increase compared to the period January – March 2022.

The distribution division recorded, in Q1 2023, 13 percent higher sales in the retail segment (242 thousand tons in January – March 2023), compared to the first three months of 2022. Wholesale fuel sales totaled 195 of thousands of tons, volume down slightly compared to Q1 2022.

At the end of March 2023, Rompetrol Downstrem reached a network of 1,284 sales points (network of own stations, partner stations, mobile stations: express, internal bases of 9 and 20 cubic meters).