“The company has continued its upward trend, with results powerfully influenced by a series of external factors, independent of Petromidia refinery activity,” according to a Rompetrol communique.
Rompetrol Rafinare, part of the Rompetrol oil group, controlled by Kazakh KazMunaiGaz and run by businessman Dinu Patriciu, who still owns 25 percent, posted profit for the second quarter, following losses in Q1 worth €9.3 mln. The company posted a net profit of some €1.8 million in the first six months, more than double that in H1 2007.
“Refining margins in the second quarter were better for crude oil, processed by Rompetrol Rafinare. According to my calculations, above a level of refining margins of $5.2/per barrel, the company registers operational profit, and in the second quarter margins rose to over $7/per barrel. However, the size of net profit is hard to estimate, due to the impact of the financial activity result,” said Adrian Danciu, Broker Cluj analyst.
