Rompetrol Rafinare shows signs of recovery, but continues to post loss

Rompetrol Rafinare generated consolidated revenues of USD 2.33 billion in the first nine months of the year and an EBITDA of approximately USD 7.2 million while specific markets and macroeconomic indicators have shrunk dramatically. The refining segment, through Petromidia refinery and Vega Ploiesti, generated revenues of approximately USD 767 million and a negative EBITDA of USD 18 million in Q3. During the first nine months of the year, the company invested about USD 56 million to continue the program meant to increase the operational capacity of the Petromidia refinery.Regarding the distribution segment, Rompetrol Downstream, Rom Oil, Rompetrol Logistics and Rompetrol Gas recorded an operating income (EBITDA) of USD 17.1 million in Q3, compared to USD 3.1 million in the same period of 2008. The positive results on this segment compared to 2008 were supported by the 40 percent expansion of the fuel distribution network, optimization of the operating costs, as well as introduction of the new range of fuels.
Dana Ciuraru