25 March 2010 12:55 [Source: ICIS news]
BUCHAREST (ICIS news)--Romania’s Rompetrol Rafinare will invest $18m (€13.5m) in order to increase the capacity of its high density polyethylene installation (HDPE) plant in Navodari, eastern ?xml:namespace>
“The modernisation program will allow an increase in the installation capacity from 60,000 tonnes/year to 100,000 tonnes/year, a reduction of over 10% in the processing cost, a diversification of the range of products provided, as well as an increase in the operating safety,” said Cosmin Cocean, Rompetrol's chief refining and petrochemicals officer.
Rompetrol said the project would have two major stages; the rehabilitation and modernisation of the granulation tower in the installation by August this year as well as the increase in the processing capacity by the first quarter of next year.
Rompetrol’s petrochemicals business posted a net loss of $13.6m for the 2009 financial year, compared with a net loss of $49m in 2008, as a result of higher feedstock costs and the depreciation of the Romania Lei currency. Turnover in the company’s petrochemicals segment for the year decreased 33% year on year to $240m, the company said.
Rompetrol Petrochemicals is the petrochemicals division of Romanian oil refiner Rompetrol Group, which is owned by KazMunaiGaz (KMG).
($1 = €0.75)
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