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 N?vodari and Vega Ploie?ti 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. Refining segment In the first three months of 2024, the Petromidia refinery processed 943 thousand tons of raw materials, mostly crude oil of Kazakhstan origin. The Navodari facility has a stable flow of raw material, mainly due to purchases of Kazakh crude oil made with the support of KazMunayGas, Kazakhstan's national oil and gas company. From the total volumes of raw materials processed, the refinery obtained 274 thousand tons of gasoline and 508 thousand tons of diesel fuel. Fuel sales were oriented towards the domestic market, with two thirds of the total sold in Romania. In the first quarter of 2024, the total supply of raw materials of the Petromidia refinery was decreasing, as a result of the suspension of operational processes on March 8 - the beginning of the general turnaround. However, the refinery managed to achieve an increasing white product yield – 90.3%wt, and the technological loss recorded a decrease of 0.18%wt, due to the purchase of diesel component and A1 Jet fuel. Regarding the Vega refinery (the only domestic producer of bitumen and hexane), total raw material processing was around 61 thousand tons in the first quarter of 2024, down 20% compared to the same period last year, as a result of the lower volumes of raw materials and semi-finished products supplied by the Petromidia refinery. The Vega refinery recorded good operational parameters, with a technological consumption of 0.59%, energy consumption of 2.89 GJ/t and mechanical availability of 98.78%. Against the background of the decrease in utilization of the Petromidia and Vega refineries, the refining segment recorded a gross turnover of 937 million USD, an operational profit (EBITDA) of 28.5 million USD and a negative net result of 4.7 million USD. Petrochemicals segment In the first quarter of 2024, the total production of polymers in the petrochemical segment was 16 thousand tons, down from the same period last year, when 26 thousand tons were produced. The operational results were influenced, mainly, by the non-operation of the Low-Density Polyethylene (LDPE) plant, caused by the unfavorable conditions on the petrochemical products market, but also by the scheduled general turnaround period, which started in March 2024. Despite the current market conditions, the only petrochemical division in Romania continued to honor its deliveries to partners in the relevant industries, thus supporting several production segments in the country. The petrochemical segment is the only producer of polypropylene and polyethylene in Romania, with the ability to regain its competitive position on the domestic and regional market, with the stabilization of the profile market. Distribution segment In the first quarter of the year, the distribution segment's consolidated gross turnover was 759 million USD, down slightly compared with January – March 2023. The international quotations related to petroleum products recorded in Q1 a slight decrease compared to the same period last year, by 1% for gasoline and 2% for diesel. Domestically, the evolution of fuel prices was influenced by the change in the excise tax from January 1, which was reflected in an increase of 29 bani per liter of gasoline and 26 bani for diesel. From July 1, the excise duty will register a new increase (including the related VAT), which will add 43 bani per liter of gasoline and 40 bani per liter of diesel. In Romania, the main trading market for fuels produced in Petromidia, sales increased by 12% in Q1 2024 (270 thousand tons), compared to Q1 2023 (242 thousand tons). The growth came from the company's strategy to prioritize the needs of the country's market. At the end of March 2024, the distribution network in Romania reached 1,328 sales points, an increase of 44 points compared to March 2023. The network includes own stations, partner stations and mobile stations: express, internal bases of 9 and 20 cubic meters.
On Monday, January 13, officials at the Cantacuzino Hospital in Bucharest alerted police that a man stole three amputated legs from the storage area. While two were later found, the third is still missing. The incident took place three days prior, on January 10, and was captured by surveillance cameras. Images published by Euronews Romania […]
The General Prosecutor's Office announced on Wednesday, January 15, that criminal prosecution has been initiated again against former president Ion Iliescu and ex-prime minister Petre Roman in the case targeting the violent crackdown of the protests in Bucharest's University Square on June 13-15, 1990, also known as the Mineriada (miners' riot). The two are facing […]
Approximately 62% of employees in Romania intend to change their workplace in the next six months largely due to financial reasons, according to a survey conducted by the online recruitment platform Bestjobs. Approximately 48% of respondents intend to change their workplace because they want a better salary, 13% due to a lack of professional development […]
Roborock, a global leader in intelligent cleaning solutions, announces the launch of its latest innovation, the Roborock Qrevo Curv, a state-of-the-art robot vacuum and mop designed to redefine home cleaning. This revolutionary product combines cutting-edge technology with an innovative cleaning system to offer an unparalleled cleaning experience for consumers. "Roborock Qrevo Curv represents a new […]
Bucharest mayor Nicușor Dan announced that his administration will draw inspiration from the Icelandic model to combat and prevent drug use among young people. The mayor also stated that building a medical facility dedicated to those struggling with addiction is being considered, using spaces belonging to Colentina or Obregia hospitals. “As Bucharest residents decided through a […]
A young deer trapped in the icy waters of a pond near Fălticeni, Suceava county, was recently saved by a team of firefighters. According to the Emergency Situations Inspectorate, which shared a short video of the rescue mission, the fawn had attempted to cross the frozen pond, but the thin ice cracked beneath its weight, […]
