The FINANCIAL — During the first quarter of the year, the consolidated turnover of Rompetrol Rafinare, a member company of KMG International, was USD 1.3 billion, i.e. 48% higher compared to the same period of 2013, and its operating result was USD 9.3 million, compared to a negative value of USD 120,000, according to Rompetrol.
The company’s consolidated financial results have been positively influenced by the increase in the quantities produced and sold, compared to the same period of last year, and negatively influenced by the evolution of international quotations for crude oil and oil products. Due to a 8% drop for gasoline and 5% for Diesel oil in Q1 2014, the crude oil dropped by 4%, the average quotations being above USD 108/bbl for the Brent-type crude oil and approx. USD 107.5/bbl for the Urals-type.
The investments made by KMG Internațional and its sole shareholder – KazMunayGas, have enabled Petromidia refinery to reach, during the period comprised between January and March 2014, record levels of production, energy efficiency and white product outputs (gasoline and Diesel oil). Thus, the average quantity processed in Q1 was, in winter conditions, 13,000 tons/day, i.e. the highest since its establishment (1979), and the output reached for gasoline and Diesel oil was above 86%, exceeding the level of 2013 – 85.6% – which was the highest in the history of the refinery.
Also, the drop in the operating costs, paralleled by an increase in the mechanical and operational availability, have led to an improvement of the Energy Efficiency Index, which was 101 points, i.e. the best quarterly level obtained by the refinery so far. In 2013, the record level of EEI was 104 points, according to Rompetrol.
Also, exports had a positive evolution, their level exceeding USD 600 million in Q1 2014. The exports amounted to USD 1.7 billion in 2013, and the estimates show a 20-30% increase in their level in 2014.
For this year, the scheduled investments are estimated to exceed USD 35 million, mainly for continuing usual maintenance, operational support for improving the technological conditions and maximize returns from processing crude oil. Petromidia covers 43% of Romania's refining capacity, has a capacity of over 5 milion tones/year and total investment made by KMG International and KazMunayGas for this platform amounts to over USD 1.3 billion.
Rompetrol Rafinare has remained an important taxpayer, contributing to Romania’s state budget with more than USD 319.6 million during the first quarter of 2014. In 2013, its contribution exceeded USD 1.4 billion, according to Rompetrol.
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