About Rompetrol Rafinare
Rompetrol Rafinare is the largest asset held by the KMG International Group in Romania. The company operates the two refineries of the Group - Petromidia of Navodari, county of Constanta, together with the only petrochemical division of the country, and Vega Refinery of Ploiesti, which keeps the local refining industry at high standards.
The strategy employed by the Group included investments of more than USD 1.4 billion in development of the refining and petrochemical business lines, as well of the infrastructure supporting crude oil sourcing and delivery of finished products across Romania and the Black Sea region.
These retrofitting programmes were undertaken and carried out starting with 2008, in a local and international context marked by the financial crisis, with the oil and gas industry being among the most affected.
Rompetrol Rafinare managed, in the first three months of the year, a significant improvement of the financial indicators.
The company reached in Q1 2021 a gross turnover of over one billion dollars, 8% above the level of Q1 2020, due to a slight increase in sales, results which were also supported by the increase in gross refining margin, from 29.1 USD / ton in the first three months of 2020, to 34 USD / ton in the first three months of this year.
At the same time, the net loss contracted, from over 87 million USD in the first three months of the previous year, to less than 15 million USD in the first three months of 2021.
Rompetrol Rafinare continued to be a major contributor to Romania's state budget, paying over 378 million USD in the first quarter of 2021.
Rompetrol Rafinare managed in 2020 to protect and maintain its production units in operation - Petromidia Navodari and Vega Ploieşti refineries, the petrochemical division, in the context of the negative impact generated by the COVID-19 pandemic.
With considerable efforts, the company continued to be a pillar of stability for employees, customers, business partners, local and central authorities, both by supporting the national and regional economy (investments, contributions) and by the products obtained (automotive and aviation fuels, bitumen, polymers, hexane, etc.).
The company recorded a gross turnover of about USD 3.5 billion last year, 33% lower compared to the similar indicator in 2019. At the same time, the consolidated operational result (EBITDA) decreased, reaching almost one million dollars, and the net result recorded a negative value of 220 million USD.
Restrictive measures taken domestically and regionally/internationally to protect and limit the spread of COVID-19 were also reflected in the sharp decline in demand for petroleum products (automotive fuels, aviation fuel), high volatility in international fuel quotations, but also in negative refining margins. For example, the net refining margin recorded by Petromidia Năvodari refinery dropped last year to a negative value of -11.2 USD/ton, from a positive value of 13.7 USD/ton in 2019.
Read more about the results in 2020.
The largest local refinery, and of the most modern in SE Europe.
The longest standing local refinery; supplier of special and niche products.
The sole producer of polymers in Romania.
Environment and health
Rompetrol Rafinare assumes in full its important role in protecting and keeping safe the environment. We bring our constant contribution to mitigation of the environmental impact and of any effects of our operations.
Having reviewed the progresses we achieved in reduction of waste and energy consumption, and in compliance with all environmental regulations, we commit to protect the communities around our operations in the long run. As to employees, our objective is 100% SAFETY, through training programmes, thorough checks and extension of our protocols also to contractors.
Rompetrol Refineries are aligned to the BAT (Best Available Technologies) standards, and Petromidia is the first Romanian refinery to have successfully aligned to European environmental regulations and fuel quality standards.