Petromidia losses increased more than fourfold in 2007

According to International Financial Reporting Standards (IFRS), Rompetrol Rafinare posted $3.2 billion in turnover last year, 24 percent higher year-on-year, while operational profit (EBITDA) increased 16 percent, to $141 mln.

Financial results were influenced by external factors, independent of Petromidia’s activity. Although operational results are excellent, costs were very high, according to the company.

Rompetrol Rafinare posted operational profit worth $15 mln and turnover of some $970 mln in the last quarter of 2007.

In 2008 Rompetrol will finalize work on the Midia sea terminal, which will have an annual capacity of 16 million tones of oil. The project will allow the Petromidia refinery to reduce transport costs by some $3 an hour.