Petromidia Refinery – record operational performance in 2013

Rompetrol Rafinare, a member of the Rompetrol Group, recorded 6% increase of the consolidated gross turnover* up to USD 4.9 billion, and an almost 40% improvement of the net result, which is however still negative – 99 million USD.

In the last quarter of the year, the consolidated negative result decreased by 73% as compared to the similar period of 2012, with a negative value of USD 12,8 million. The 2013 increased operational efficiency of the Petromidia Refinery improved the consolidated financial results of Rompetrol Rafinare, as refining margins decreased by 30%, from 35 USD/tonne in 2012 to 24 USD/tonne in 2013. The consolidated financial results of the company have been mainly influenced by international trends – a 62% decrease of the difference between the Brent and the Ural crude, from 0.95 USD/bbl in 2012 to 0.36 USD/bbl in 2013, and a 4% decrease for petrol and Diesel, plus a 4% decrease in the RON/USD exchange rate. The Rompetrol Rafinare exports amounted to USD 1.7 billion at the end of 2013, similar to the 2012 level. Operationally, the refinery reached and maintained the 14,000 tons/day maximum capacity level, with record results. The Diesel yields reached, on average, 46% in 2013, while fuel yields (petrol, Diesel, Jet) reached 85.6% in 2013, the best from the refinery’s history. Petromidia produced almost 2 million tons of Diesel fuel in 2013, an all-time high since its 1979 commissioning. The reduction of operational costs, together with the increase of mechanical and operational availability allowed an improvement of the Energy Efficiency Index up to 103 points, the best annual level of the refinery up to now. The improvement of operational results, together with the historical results of the Petromidia refinery in 2013, were supported by the 2012 completion of the wide programme for the upgrade and increase of the processing activity of the refinery to 5 million tons a year. The refinery plants are operated at the highest performance standards, while ensuring compliance with environment protection commitments. Rompetrol Rafinare S.A. remained an important contributor to Romania’s budget, paying USD 1.4 billion in 2013. Petromidia over 40% of Romania’s refining capacity, and total investments by the Rompetrol Group and its sole shareholder – KazMunayGas amount to almost USD 2 billion in the 2007 – 2013 period.

Source: www.bvb.ro